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U.S. equity index futures mixed, little changed
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Euro STOXX 600 index off ~0.1%
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Dollar ~flat; bitcoin edges red; gold down; crude up
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U.S. 10-Year Treasury yield edges down to ~3.53%
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S&P 500 INDEX: BEARS START TO STIR? (0900 EDT/1300 GMT) The S&P 500 index fell about 0.6% on Thursday to end at 4,129.79. That said, it was its biggest drop in about a month. Given recently compressed volatility, traders are on guard for any downside acceleration in the SPX:
The S&P 500's intraday range as a percentage of the prior day's close has recently seen some relatively narrow readings. In fact, the seven-tightest readings by this measure so far this year have occurred since late March. Three of those sessions happened Monday-Wednesday of this week. The tightest reading was 0.53% on April 11. This was the lowest since Nov. 25 of last year, which was the post-Thanksgiving holiday shortened session. On Thursday, however, this measure jumped to 0.82% from 0.68% on Wednesday. The 2023 average is 1.32% per session. Additionally, with this, the CBOE volatility index , ticked up from its lowest level since November 2021. Thus, traders are on alert for an increase in volatility, as it tends to coincide with periods of instability. This, as the SPX has struggled to clear weekly cloud resistance at 4,155. On Tuesday and Wednesday of this week, the index ended within decimals of this barrier, only to break to the downside on Thursday. The next support below Thursday's 4,114,57 low is in the 4,078-4,069 area. The 50-day moving average ended Thursday at about 4,034. A weekly close above 4,155 may put bears back in their caves, though another stiff resistance barrier resides in the 4,195-4,203 area.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
