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Main U.S. indexes rally: S&P 500, Nasdaq both up 1% or
more
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U.S. Feb pending home sales change 0.8% vs -2.3% estimate
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Euro STOXX 600 index up >1%
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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 edges up to ~3.58%
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U.S. STOCKS SEE EARLY POP AS BANKING CONCERNS EASE (1010 EDT/1410 GMT) Wall Street's main indexes are higher early on Wednesday as easing worries about a banking crisis is lifting risk sentiment. Investors also await further economic data this week including the final read on Q4 GDP, and jobless claims on Thursday, followed by February core PCE price data, March Chicago PMI and March University of Michigan sentiment on Friday. In any event, the S&P 500 index at about 4,010, is back up to battle its 50-day moving average, which now resides just shy of 4,014. All S&P 500 sectors are gaining with real estate and tech leading the way higher. Banking indexes are modestly higher. FANGs and chips are among the day's early outperformers. Here is a snapshot of where markets stood shortly after 1000 EDT:
(Terence Gabriel)
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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)
