* U.S. equity index futures ~flat * Euro STOXX 600 index ~flat * Dollar edges down; gold ~flat; crude lower; bitcoin rises * U.S. 10-Year Treasury yield falls to ~3.53% Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at S&P 500 INDEX: STILL LOST IN THE CLOUDS (0900 EDT/1300 GMT) The S&P 500 index continues to probe some major chart barriers. And last week's 0.1% dip provided little clarity for traders as they remain focused on one big billowy cloud on the horizon. The SPX hit a high last Tuesday of 4,169.48 before closing out the week at 4,133.52. Thus, the benchmark index continued to flirt with the upper edge of the weekly Ichimoku cloud, which resides around 4,155: Ichimoku cloud is technical indicator which displays support and resistance, identifies trends, and measures momentum. Utilizing midpoints of ranges, a number of lines are generated. Two of these lines are used to create cloud boundaries. The entire cloud is shifted forward in time in order to provide a glimpse of future support and resistance. Once the SPX broke below the cloud in May of last year, it has failed to reclaim on a weekly closing basis. Indeed, rallies failed in early-June, mid-August, mid-December, and in early-February of this year. Thus, the 4,155 level marks a key hurdle. Add in additional resistance at the early-February high ath,195.44, the 23.6% Fibonacci retracement of the March-January 2022 advance at 4,198.70, the Fed-Chair Powell August-26 Jackson Hole speech high at 4,203.04, and the 100-week moving average, which ended Friday at 4,203.27, and bulls may have their heads in the clouds if they expect the SPX will be able to continue to advance. That said, clearing these barriers will have the potential to add credence to the view that the SPX saw a major low in October, and suggest that its trend inflection is only strengthening. A sharp break to the downside can put the lower cloud base, which is now around 3,850, as well as the 38.2% Fibonacci retracement of the March 2020-January 2022 advance at 3,815.20, and the March trough at 3,808.86, at risk. (Terence Gabriel) ***** FOR MONDAY'S LIVE MARKETS POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE SPXCloud04242023 (Terence Gabriel is a Reuters market analyst. The views expressed are his own)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.