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  
GBP futures downside looks limited

In light of advanced data for GBP futures markets from CME Group, investors scaled back their open interest positions by almost 1.8K contracts on Thursday from...

Gold clocks 10-day highs near $1263

Technical correction extends above $ 1260 amid broad-based USD weakness. Lingering US-Sino trade tensions support, as the focus shifts to the US CPI...

Dollar holds below mid-94.00s

Lingering trade war fears keep the USD bulls on the defensive. Thin liquidity conditions also hold traders from placing aggressive bets. This week's important...


Dollar clings to daily gains above 95.00

The greenback, in terms of the US Dollar Index (DXY), is sticking to the positive territory so far today and so far manages well to keep the trade above 95.00...

US Dollar rebounds beyond 94.80

The greenback bounces off lows, approaches 94.90. Yields of the US 10-year note remain sidelined so far. NAHB index came in below expectations in June...

WTI downside opening up to $69.50

Looks vulnerable amid OPEC, non-OPEC output lift talks, stronger USD adds to the weight. Technical set up also indicate further downside risks...


Gold climbs back closer to weekly tops

Dovish FOMC minutes prompt some USD profit-taking and help regain positive traction. Sliding US bond yields/cautious mood provides an additional boost...

Gold eases from 1-month tops

Gold surrendered early modest gains to fresh 1-month tops and is currently placed near session lows, touched in the past hour. Easing fears of a full-blown...

Pound celebrates on positive headlines

Last week a UK government official reportedly signalled that progress had been made on the transition deal. However, unanswered questions have...


In the past 24 hours Bitcoin has lost -2.15% and reached $7292.67. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.3727% and is now at $1.1646. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 4.61% and is now at $454.457. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Forex Market Analysis



Forex Currencies Forecasts



Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM88%
3HYCMHYCM86%
4FIBO GroupFIBO Group79%
5FxProFxPro78%
6FXCMFXCM73%
7AvaTradeAvaTrade69%
8HotForexHotForex68%
9XMXM68%
10Alfa-ForexAlfa-Forex66%
  


Share: