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LIVE MARKETS-S&P 500 index: Respecting its levels

Kitco Media
By Reuters
Published:
Updated:
Reuters



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U.S. equity index futures mixed, little changed

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Euro STOXX 600 index up ~0.4%

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Dollar dips; gold rises, crude up >2%; bitcoin off ~6%

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U.S. 10-Year Treasury yield rises to ~3.50%

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S&P 500 INDEX: RESPECTING ITS LEVELS (0900 EDT/1300 GMT) The S&P 500 index ended a four-day losing streak on Friday. The benchmark index snapped higher on Friday after having tested its late-April trough and a trend line from its record high:


Indeed, the SPX hit a low on Thursday of 4,048.28, which was only a little more than one point below its 4,049.35 April 26 low, and less than one point under the broken resistance line from its record high, which was around 4,049 at the time. With a near-2% rally on Friday the S&P 500 ended at 4,136.25. On Monday, with e-mini S&P 500 futures up around 5 points in premarket trade, the SPX is poised to push high higher in early trade.


Weekly cloud resistance resides at 4,155. Additional hurdles come in at the April 18 and May 1 highs at 4,169.48 and 4,186.92. The 4,195.44-4,203.04 area remains a major barrier. This zone includes the February 2 peak, the 23.6% Fibonacci retracement of the March 2020-January 2022 advance at 4,198.70, the 100-week moving average, which ended Friday at 4,202, and the August 26, 2022 Fed-chair Powell Jackson Hole speech high. Since reversing to the downside with Powell's speech that day, the SPX has been unable to reclaim this level. In the event of weakness, besides the late-April-early-May lows, the broken resistance line which is now acting as support, comes in at around 4,045 on Monday. The 50-day moving average ended Friday just shy of 4,042. (Terence Gabriel)
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<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ SPX05082023 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Terence Gabriel is a Reuters market analyst. The views expressed are his own)

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