*
U.S. equity index futures rise slightly: Nasdaq 100 up
~0.6%
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U.S. initial jobless claims 239k vs 232k est
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U.S. Mar PPI MM YY < ests; ex-food/energy MM < est, YY
in-line
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Euro STOXX 600 index up ~0.3%
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Dollar, crude dip; gold, bitcoin gain
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U.S. 10-Year Treasury yield dips to ~3.39%
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S&P 500 INDEX: TRENDLINE MORE LIKE FLY PAPER (0900 EDT/1300 GMT) On Friday March 31, the S&P 500 ended slightly above the resistance line from its January 2022 record high. However, since then, that line has been acting more like flypaper:
The S&P 500 has ended seven of the past eight sessions above this line. However, the benchmark index has been unable to decisively pull away from it, one way or the other. On April 4, the SPX stalled and reversed upon pushing to a high of 4,133.13, which was just over 0.8% above the line. On April 6, after dipping to a low of 4,069.84, or just a bit more than 0.6% below the line, the index then recovered. On Wednesday, the SPX hit an intraday high of 4,134.37, putting it about 1.2% above the line. However, once again, the index stalled and reversed. After flirting with this line as support around 4,087, and hitting a low of 4,086.94, the SPX edged up to finish at 4,091.95. Thus, traders are watching closely for a more decisive thrust above or below this sticky line, which will be around 4,085 on Thursday, for clues into what direction more sustained momentum may kick in. Major resistance resides in the 4,195.44-4,203.04 area. This includes the Feb. 2 high and Aug. 26 (Jackson Hole) high. The 23.6% Fibonacci retracement of the March 2020-January 2022 advance is at 4,198.70. On a break of the April 6 low at 4,069.84, the next support is in the 4,050-4,030 area. This includes short-term channel support, the March 22 high (4,039.49), and the 50-day moving average, which ended Wednesday just shy of 4,032.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
