S&P 500 Futures Red, Dollar Mixed, Commodity Rebound

  • Wall Street futures are trading lower after Tuesday’s slide.
  • Oil rebounds after marking lows in a year.
  • China further relaxes measures for COVID 19.

Markets are trading lower on Wednesday, continuing cautiously, not celebrating China’s easing measures, with concerns over economic data. The dollar is mixed, while commodities are rebounding.

caution prevails

China further relaxed restrictions and limitations on movement to deal with COVID. This occurs after the demonstrations and after a sharp deterioration in the foreign trade figures. An 8.7% drop in exports in November compared to a year ago, and 10.6% in imports, was revealed on Wednesday. The data from China weighed more on the market than the new measures.

In Asia, the Nikkei 225 fell 0.72% and the Hang Seng fell more than 3%. In Europe, red predominates. The FTSE 100 falls 0.12%, the DAX and CAC 40 lose 0.45%.

The S&P 500 closed down 1.44% on Tuesday, completing four straight days of declines. In the preview of the opening on Wednesday, it fell 0.43%. Dow Jones futures lose 0.24% and Nasdaq 0.63%. In the pre-market, Alibaba falls 4.40%, Tesla yields 2.05% and Chevron lose 0.90%. walt disney up 0.55%. Among the companies that will present results are Campbell Soup, Gamestop and Descartes Systems Group.

Eurozone GDP grew at a rate of 0.3% in the third quarter, revised from 0.2% in the previous reading and less than 0.8% in the previous quarter. The annual rate was 2.3%, higher than the 2.1% previously reported. The employment level in the third quarter in the Eurozone grew 0.3% in the third quarter, more than the 0.2% expected. Compared to a year ago, the improvement was 1.8%, higher than the 1.7% expected. It had previously been known that industrial production in Germany in October contracted 0.1%, although a drop of 0.5% was expected. Home prices in the United Kingdom they had the strongest drop since October 2008, due to the rise in mortgage rates.

In USA data will be published on Wednesday agricultural productivity and labor costs. Friday will be the next significant report with the wholesale inflation data. Next week it will be the turn of retail inflation and then the decision of the Federal Reserve. In the second round of elections, in the US state of Georgia, the Democratic candidate Raphael Warnock defeated the Republican Herschel Walker, with which the Democrats will control the Senate with 51 seatscompared to 49 for Republicans, who control the House of Representatives.

The Australian dollar is having a rough day with AUD/USD at 0.6670, a week low and AUD/NZD at 1.0550, the lowest level since mid-December 2021. Australia’s GDP was reported to have expanded to at a pace of 0.6% in the third quarter, below the 0.7% expected, and 5.9% year-over-year, below the 6.3% expected.

The loonies It has been trailing the market, with USD/CAD at 1-day highs above 1.3650. At 15:00 GMT the decision of the Bank of Canada will be known. The market consensus is for a rise of 50 basis points, although there are those who see it as more likely to be 25 bp. The central banks of Brazil and Peru will also announce monetary policy decisions. In Chili, on Tuesday the central bank kept the interest rate at 11.25% as expected. Today it was learned that the Consumer Price Index rose 1% in November, bringing the annual rate to 13.3%. The Reserve Bank India raised the benchmark interest rate by 35 basis points to 6.25%, in line with expectations.

The prices of Petroleum they erased a 2% drop. Despite the signals from the Asian giant, they extended the decline to new lows for this year, but then began a significant rebound into positive territory. The barrel of WTI is trading at $74.50, after having approached $73.00.

Among currencies, the Russian rublethe Mexican peso and the Canadian dollar They are among those that have fallen the most in the last five days. At the other end is the andchinese uan and the Chilean peso. The dollar It presents mixed results on Wednesday, and rises against the yen but falls against the main European currencies. The dollar’s mismatch is reflected in the fact that it rises against the CAD, and the AUD but loses ground against the NZD.

The Prayed and the silver they are rising on Wednesday recovering from lows in days. XAU/USD is struggling to break out of the $1770 zone of influence, while silver is testing the $22.40 resistance area. The cryptocurrencies are losing ground, deteriorating again the outlook. The Bitcoin fell to $18,600, and ethereum it falls 2.40%, at $1,225.

technical levels

SP500

Panorama
Last Price Today 3914.79
Today’s Daily Change -25.31
Today’s Daily Change % -0.64
Today’s Daily Open 3940.1
Trends
20 Daily SMA 3981.73
SMA of 50 Daily 3832.65
SMA of 100 Daily 3930.97
SMA of 200 Daily 4032.59
levels
Previous Daily High 4009.38
Minimum Previous Daily 3917.55
Previous Weekly High 4099.11
Previous Weekly Minimum 3937.01
Maximum Prior Monthly 4075.37
Minimum Prior Monthly 3697.23
Daily Fibonacci 38.2% 3952.63
Daily Fibonacci 61.8% 3974.3
Daily Pivot Point S1 3901.97
Daily Pivot Point S2 3863.85
Daily Pivot Point S3 3810.14
Daily Pivot Point R1 3993.8
Daily Pivot Point R2 4047.51
Daily Pivot Point R3 4085.63

Source: Fx Street

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