Categories: Markets

S&P 500: Futures down, broad correction

S&P 500: Futures down, broad correction
  • Wall Street futures down after last week’s rise.
  • The dollar recovers a small part of the losses.
  • Treasury bond yields rise after earlier declines.

Equity markets are trading with mixed results. Wall Street futures correct lower after recent strong rises. The context of generalized correction leads the dollar to rise, and metals to a moderate decline.

General correction

Markets in Asia had mixed results. Investors welcomed China’s announcements of measures to resolve liquidity problems in the real estate market. In Europe, the main stock market indices rise on average by around 0.35%. S&P 500 futures fall 0.35% and Nasdaq futures 0.55%.

In the previous amazon falls 1.42% and Exxon 1.10% while AMD climbs 3.05%. Among the companies that will present results on Monday are Tyson Foods, and SMC.

The US President, Joe Biden will meet his Chinese peer, Xi Jinping in Indonesia where the G20 meeting will take place. A higher than expected rise in industrial production was known in September in the Eurozone. In the US there will be no impact data on Monday. The speeches of the Vice President of the Federal Reserve stand out, Lael Brainard and the chairman of the Fed, John Williams. Data will come out on Tuesday Japan (industrial activity and growth), of the Eurozone (employment, GDP and confidence) and USA (wholesale inflation).

The dollar it is among the best performing currencies on Monday, correcting from the sharp decline of the previous two days. DXY climbs 0.70% while EURUSD is below 1.0300, USD/JPY above 140.00 and GBPUSD below 1.1800 levels. The yuan appreciates against the dollar and USDCNH approaches 7.00.

Treasury bond yields are rising which supports the dollar. The 10-year bond yields 3.88% and the 2-year tranche is at 4.38%, moving away from the day’s high.

Oil prices fell more than 1% on Monday, with a barrel of WTI below $88.00. The cryptocurrencies they rise on Monday trying to move away from the recent lows, still shrouded in great volatility with the background of the breakdown of the FTX exchange. Bitcoin is trading at $16,789, and Ethereum is up 3.85% at $1,265.

Metals are pulling back after the surge of the previous days. XAUUSD is moving away from $1,772 and posted daily lows just above $1,750. XAGUSD in the $21.50 zone.

Technical levels


Last Price Today 3980.25
Today’s Daily Change -11.13
Today’s Daily Change % -0.28
Today’s Daily Opening 3991.38
20 Daily SMA 3799.19
50 Daily SMA 3792.6
100 Daily SMA 3904.7
200 Daily SMA 4066.48
Previous Daily High 4000.42
Previous Daily Minimum 3944.9
Previous Maximum Weekly 4000.42
Previous Weekly Minimum 3742.68
Monthly Prior Maximum 3905.2
Previous Monthly Minimum 3489.72
Daily Fibonacci 38.2% 3979.21
Daily Fibonacci 61.8% 3966.11
Daily Pivot Point S1 3957.38
Daily Pivot Point S2 3923.38
Daily Pivot Point S3 3901.86
Daily Pivot Point R1 4012.9
Daily Pivot Point R2 4034.42
Daily Pivot Point R3 4068.42

Source: Fx Street