S&P 500 index: Whiplash
Main U.S. equity index futures red; Nasdaq 100 off ~0.5%
Euro STOXX 600 index up ~0.2%
Dollar, gold ~flat; crude gains; bitcoin up >1%
U.S. 10-Year Treasury yield falls to ~3.94%
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S&P 500 INDEX: WHIPLASH
Traders have certainly been tossed around a lot this week. Amid an elevated VIX .VIX, on Monday, the S&P 500 index .SPX suffered its biggest daily drop since September 2022. Then on Thursday, the benchmark index enjoyed its biggest daily rise since November 2022.
Meanwhile, on Thursday, the S&P 500, which closed at 5,319.31, was able to end slightly back above its 100-day moving average (DMA), which was at 5,310.65:
That said, with e-mini S&P 500 futures EScv1 off around 0.3% in premarket on Friday, the SPX looks poised to dip back below the 100-DMA in early trade. With this, the S&P 500 is still on pace to post its fourth losing week in a row.
In any event, on strength, there is still work to do on the upside. On a push above Wednesday's 5,330.64 high, the SPX would face its July 25 low at 5,390.25 and its 50-DMA at about 5,445. The index would need to exceed its August 1 high at 5,566.16 to break a developing pattern of descending peaks & troughs off the July top.
On a resumption of more forthright weakness, the 76.4%-78.6% maximum Fibonacci retracement zone of the April-July advance in the 5,122-5,106 area appears significant. This zone contained Monday's panic selling as the SPX hit 5,119.26 (9.7% below the record intraday high) before it reversed to the upside.
A break of this support can put the April trough at 4,953.46 (12.6% below the record intraday high) at risk.
(Terence Gabriel)
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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
AI RALLY'S FIRST SETBACK "OVERDUE" - DWS CIO - CLICK HERE
STOXX 600 SET FOR FURTHER 10% DRAWDOWN - BOFA - CLICK HERE
EUROPEAN SHARES TURN POSITIVE FOR THE WEEK - CLICK HERE
EUROPEAN STOCK FUTURES EDGE UP - CLICK HERE
TURBULENT WEEK ENDING ON A HIGH -CLICK HERE
SPX08092024B https://tmsnrt.rs/3SHb1rl
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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