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U.S. equity index futures green: Nasdaq 100 up ~1%
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Euro STOXX 600 index up ~0.9%
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Dollar edges up; gold dips; crude up >1%; bitcoin up >4%
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U.S. 10-Year Treasury yield rises to ~3.61%
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S&P 500 INDEX: TIGHTLY PACKED (0905 EDT/1305 GMT) For nearly two weeks, the S&P 500 index has closed inside the range defined by its tightly packed 50- and 200-day moving averages (DMA):
The SPX ended Tuesday at 3,971.27 which was the seventh-straight close between its 50-DMA, which finished at 4,013.45, and its 200-DMA, which ended at 3,954.45. On a thrust above the 50-DMA, the next resistance will be the short-term trendline from the Feb. 2 high, which should be around 4,026 on Wednesday, and the March 22 high, which was at 4,039.49. Additional resistance is at the March 6 high at 4,078.49 and the longer-term trend line from the January 2022 record high, which is now around 4,108. On the downside, the next support below the 200-DMA is the March 24 low at 3,909.16. The support line from the October trough is now around 3,845. Of note, however, since late last year, S&P 500 action has been almost perfectly contained by the 23.6% and 38.2% Fibonacci retracements of the March 2020-January 2022 advance. These levels are at 4,198.70 and 3,815.20. Thus, for momentum players, a breakout of this multi-month range may prove to be especially enticing.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
