S&P 500: Crash Recovery Attempt, Oil Continues Downhill

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  • Wall Street futures with moderate rises after sharp fall on Monday.
  • The dollar retreats after Monday’s advance, and falls on all fronts.
  • Oil prices fail to regain ground.

Wall Street futures are rising modestly after Monday’s sharp decline on expectations that the Federal Reserve’s monetary tightening will continue, following positive economic data. The dollar erases some of the recent rally, while oil falls again. The metals rebound, but are still far from the levels of days ago.

Good data, bad news

The latest US economic data shows an economy still growing and in good health, despite interest rate hikes. This leaves the way clear for the rate hike to continue, although the expectation is that next week the increase will be 50 and not 75 basis points. The expectation of further monetary tightening ahead weighed on the US market on Monday, causing a sharp decline, which also dragged down oil and helped the dollar.

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The reopening in Chinathat is, the easing of the restrictions by the COVID, could take longer than expected, which contributed to the fading of optimism.

Regarding data, on Tuesday it was learned that manufacturing orders in Germany they increased in October after falling in the two previous months, which implies a sign of recovery, with the rise of 0.8%.

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In the United Kingdom a drop from 53.2 in October to 50.4 in November in the construction PMI was reported, below the 52.0 expected.

Tuesday in USA The foreign trade data for October will be published, as in Canada, where the Ivey PMI for November will also appear. In the US, the second round of elections is held in the state of Georgia for the last seat in the Senate between the Democrat Raphael Warnock (currently holding the seat) and the Republican Herschel Walker. Chili will announce the monetary policy decision and is expected to maintain the reference interest rate at 11.25%.

The Reserve Bank of Australia The reference interest rate rose, as expected, by 25 basis points to 3.10%. He stated that the increases will continue but not in a predetermined path. foreign trade report Australia showed an unexpected current account deficit of AUD 2.3bn, while the consensus was for a surplus of AUD 6bn. It is the first deficit since the first quarter of 2019.

The prices of Petroleum They are still downhill after the worst day in two weeks. The WTI barrel is below $76.00, falling more than 1%. Concerns for future demand continue to be thought. In the American afternoon, data from API (American Petroleum Institute) of US oil reserves will be published.

In the premarket, Sumo Logic’s shares rise more than 12% after the results are presented, while those of GitLba climb close to 20%. The oil companies operate with falls greater than 0.5%, while JP Morgan Chase rises 1.55%. Among the companies due to report results on Tuesday are AutoZone, Ashtead, Smith & Wesson and Toll Brothers.

The metals they are rising modestly, recovering some of Monday’s plunge. Gold reached as high as $1,765, after having been above $1,800 and is trading just below $1,780. Silver returned to the $22.50 zone.

The cryptocurrencies they suffered but not so much from the blow to the markets. The Bitcoin it fell from its highs in days and is currently stabilizing near $17,000. Ethereum pulled back towards $1,260.

technical levels

SP500

Panorama
Last Price Today 4002.63
Today’s Daily Change 4.59
Today’s Daily Change % 0.11
Today’s Daily Open 3998.04
Trends
20 Daily SMA 3976.09
SMA of 50 Daily 3826.84
SMA of 100 Daily 3930.89
SMA of 200 Daily 4034.41
levels
Previous Daily High 4076.65
Minimum Previous Daily 3983.59
Previous Weekly High 4099.11
Previous Weekly Minimum 3937.01
Maximum Prior Monthly 4075.37
Minimum Prior Monthly 3697.23
Daily Fibonacci 38.2% 4019.14
Daily Fibonacci 61.8% 4041.1
Daily Pivot Point S1 3962.2
Daily Pivot Point S2 3926.37
Daily Pivot Point S3 3869.14
Daily Pivot Point R1 4055.26
Daily Pivot Point R2 4112.49
Daily Pivot Point R3 4148.32

Source: Fx Street

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