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U.S. stock futures mixed: Dow up, S&P 500 slip, Nasdaq 100
fall
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Euro STOXX 600 index ~flat
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Dollar, bitcoin dip; gold up, crude rallies ~6%
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U.S. 10-Year Treasury yield edges up to ~3.51%
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CAN S&P 500 INDEX BUILD ON ITS TRENDLINE BREAKOUT? (0901 EDT/1301 GMT) The S&P 500 ended last week on a high note, rising for three-straight days, while closing at 4,109.31, which put it just slightly above the resistance line from its January 2022 record high:
That said, with e-mini S&P 500 futures dipping slightly in premarket trade, the SPX appears poised to pullback around 5 points at Monday's open.
Still, the broken resistance line should now attempt to act as support at around 4,098 on Monday. A resumption of strength should keep the S&P 500 focused on a key barrier that runs from 4,195.44 to 4,203.04. This zone also includes the 23.6% Fibonacci retracement of the March 2020-Janaury 2022 advance at 4,198.70. Since breaking back below this Fibonacci retracement on August 22 of last year, the SPX has managed by decimals, just one daily close back above this line. That was on August 25, one day prior to Fed-Chair Powell's especially hawkish August 26 Jackson Hole speech, which ultimately sent the SPX sliding to new lows. Strength into this year's early February high once again stalled as the benchmark index flirted with this resistance zone. Thus, traders remain keenly focused on this barrier to see if the SPX can ultimately breakout of its multi-month range to the upside. Quickly closing back below the broken trendline from the January 2022 high can put the SPX on the back foot again within the confines of its range. The next support is at the early and late-March highs at 4,078.49 and 4,049.49. The rising 50-day moving average should be just over 4,020 on Monday.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
