S&P 500 index: So far just a small setback
U.S. equity index futures mixed, little changed
Sep ADP national employment 143k vs 120k estimate
Euro STOXX 600 index ~flat
Dollar up; crude gains ~3%; bitcoin slips; gold dips
U.S. 10-Year Treasury yield rises to ~3.80%
Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
S&P 500 INDEX: SO FAR JUST A SMALL SETBACK
Amid intensifying Mideast tensions, and ahead of the September jobs report coming this Friday, the S&P 500 index .SPX has retreated from last Thursday's record intraday high at 5,767.37, and Monday's record closing high of 5,762.48.
The benchmark index ended Tuesday at 5,708.75, putting it down only around 1% from its record highs, and still up about 20% YTD.
The prevailing trend is still positive with traders eyeing a long-term log-scale resistance line from 1929, which presents a barrier around 6,035 this month:
The SPX ended Tuesday 5.7% below this line. At last week's intraday high, the SPX stalled 4.4% shy of this line. Of note, the index topped in early 2022 about 8% below this line.
In terms of initial support levels, the index's mid-July and late-August intraday highs sit at 5,669.67 and 5,651.62. The rising 10-week moving average (WMA) is now around 5,600.
The rising 20-WMA is now around 5,520. Since reclaiming the 20-WMA on a weekly closing basis in early November 2023, the SPX has not registered a weekly close back below it.
Meanwhile, those traders who utilize Fibonacci trend-based methodologies are still eyeing mid-October as offering potential for another significant turn based off of the October 2022 bear-market trough - Click here.
(Terence Gabriel)
*****
FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
TIME TO GO IDIOSYNCRATIC ON LUXURY - BofA - CLICK HERE
UTILITIES: AFTER THE "BIG COMEBACK", NOW WHAT? - CLICK HERE
SURPRISE, SURPRISE: U.S. EXCEPTIONALISM MIGHT BE BACK - CLICK HERE
US ELECTION: IMPLICATIONS FOR EUROPE - CLICK HERE
OIL NAMES LEAD GAINS IN EUROPE - CLICK HERE
EUROPEAN FUTURES POINT TO TEPID START - CLICK HERE
WORRIES OVER MIDDLE EAST ESCALATION WEIGH - CLICK HERE
SPX10022024 https://tmsnrt.rs/3TTV1mp
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
</body></html>Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.