S&P 500 futures recover to reclaim 2100 mark

21 April, 2016

Spoofed by drop in crude oil prices and a slump in Chinese stock market, broader US equity indices futures were trading lower before recovering, pointing to a higher open on Wednesday.

Oil slides, Chinese equities slumped

Earlier on Wednesday, oil prices fell over 2% on announcement that Kuwait oil workers had called-off their strike. This coupled with a slump in Chinese equity markets dragged the broader US equity index, S&P 500, lower.

Bullish momentum to continue

The index future has managed to recover from lows to trade above the very important 2100 mark. The index is now within striking distance of scaling back to the all time high level of 2136.90 touched in May 2015.

From current levels, move above Dec. 2015 high of 2106.10 is likely to confront resistance near 2116.50 (Nov. 2015 high). Strength above Nov. 2015 seems to pave way for a retest of all-time high levels resistance near 2135-37 area. A follow through buying interest is likely to extend the bullish momentum in the near-term.

On the downside, 2090 level seems to have emerged as immediate support, which if broken should continue to drag the index lower towards its next major support near 2070 region. Only if the index fails to hold 2070 support, prospects of near-term bullish momentum gets negated.


Source link  
Gold holds steady near 6-week highs

Gold trimmed of the early gains to a six-week high and retreated to the $1262 region during early the European session, albeit has managed to hold...

USD stays under pressure on politics

The US dollar inched up from a 13-month low against a basket of six major currencies touched in early trading, assisted by strongerthan-expected...

Dollar rebounds from multi-month lows

The greenback selling pressure seems to have abated for the time being, with the key US Dollar Index (DXY) bouncing off 9-month lows...


EUR/GBP jumps to fresh yearly tops

The EUR/GBP cross was seen building on previous session's strong up-move and has now jumped to fresh yearly tops near 0.8875...

USD: Fed being a little more hawkish

The dollar picked up over the past week, and this continued to be in reaction to a Fed that is being a little more hawkish...

EUR sluggish in recent weeks

EUR has also been surprisingly soft in light of the convincing win by French President Macron...


EUR/USD sinks to session lows

The single currency is now losing the grip vs. the buck, sending EUR/USD to test the area of daily lows in the 1.1240/30. Spot met extra downside pressure...

Euro is consolidating below the 1.1300

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still points to some consolidation...

Dollar Index rebound looks plausible

In view of the analysts at Societe Generale, the Dollar Index correction appears to have come...

  


Share: