fundamental News - SP500
S&P 500 Index futures are trading nearly flat at the mid-session on
Tuesday after recovering most of its earlier losses. The catalysts
behind the two-sided price action appears to be energy prices which are
exacerbating concerns about inflation, and lingering
worries about China’s property sector.
A new low late in the session could trigger an acceleration into 4278.50, followed by 4260.00.
At 14:00 GMT, December E-mini S&P 500 Index futures are trading 4347.25, down 4.00 or -0.09%.
Third-quarter earnings season, which begins this week, will provide
clues on how companies are faring with price increases. Some of the
U.S.’s biggest financial firms, including JPMorgan Chase and BlackRock,
are set to kick off the reporting season Wednesday.
In economic news, U.S. Data of job openings and labor turnover for
August dropped to 10.4 million, missing forecasts of 10.9 million.
Technical Analysis
The main trend is down according to the daily swing chart. However,
momentum is trending higher. A trade through 4260.00 will signal a
resumption of the downtrend. A move through 4472.00 will change the main
trend to up.
A sustained move over 4366.00 will indicate the presence of buyers.
If this move creates enough upside momentum then look for a surge into
4399.75, followed by 4421.50 and 4432.75.
A sustained move under 4366.00 will signal the presence of sellers.
If this move generates enough downside momentum then look for a retest
of 4328.25, followed by 4317.25.
expectation today: neutral