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S&P 500: Futures point to a strong recovery after last week’s plunge

  • Equity markets correct higher.
  • Concerns about the future of the economy continue to dominate the scene.
  • The mixed dollar reaches maximum since 1998 against the yen.

Wall Street futures register significant increases in the return to normal activity after the holiday. In Europe, the main markets are also advancing. The dollar falls, although at a moderate pace.

Markets recover, but fears remain

In the pre-opening the S&P 500 rises 1.58% and the Nasdaq 1.63%. In Europe, the FTSE 100 climbs 0.52% and the DAX gains 0.45%. Equity markets continue to recover ground after a dismal week. The focus remains on recession fears and global monetary tightening.

The actions of Kellogg’s They rise almost 6% in the pre market after it was known that the company will be divided into three public companies. coinbase recovers accompanying the rebound of Bitcoin and climbs more than 4%. Lennar, Progressive and La-Z-Boy will be among the companies reporting results on Tuesday.

The dollar is with mixed results on Tuesday. The DXY falls for the second day, but remains above 104.00. The EUR/USD and GBP/USD gains are being partially offset by the USD/JPY rally which broke above 136.00 for the first time since October 1998 fueled by rising Treasury yields. The US 10-year bond yields 3.29% and the 30-year bond yields 3.37%, the highest since June 16.

In the United Kingdom the largest rail workers’ strike in decades is taking place.

Traders will continue to monitor statements from central bank officials around the world, with the focus Tuesday on testimony from Jerome Powell, chairman of the Fed before a congressional committee. In terms of data, the most important thing in the US will be the Existing Home Sales report.

The best mood in the markets helps even cryptocurrencies. The Bitcoin rises 2.60% and trades on $21,100. Metals are trading sideways, with no clear trend. The Prayed stands at $1835 and the silver at $21.70. The prices of Petroleum they rise more than 1%, although they remain closer to the lows in weeks, than to the recent peak.

Technical levels

SP500

Overview
Today last price 3723.84
Today Daily Change 10.95
Today Daily Change % 0.29
Today daily open 3712.89
trends
Daily SMA20 3973.19
Daily SMA50 4093.41
Daily SMA100 4257.02
Daily SMA200 4415.14
levels
Previous Daily High 3720.61
Previous Daily Low 3680.14
Previous Weekly High 3852.15
Previous Weekly Low 3636.65
Previous Monthly High 4305.91
Previous Monthly Low 3809.41
Daily Fibonacci 38.2% 3705.15
Daily Fibonacci 61.8% 3695.6
Daily Pivot Point S1 3688.48
Daily Pivot Point S2 3664.08
Daily Pivot Point S3 3648.01
Daily Pivot Point R1 3728.95
Daily Pivot Point R2 3745.02
Daily Pivot Point R3 3769.42

Source: Fx Street

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