S&P 500: Futures rise, dollar remains weak

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  • Stock markets rise despite news from China.
  • Without impact data ahead, speeches from Fed officials are coming.
  • US mid-term elections and inflation data on Thursday.
  • Dollar remains weak, metals validate recent gains.

Equity markets are rising on Monday, at the start of the week continuing the rally on Friday and despite the data from China and the continuity of the zero-Covid policy. The dollar continues to weaken while metals affirm the advance, as well as oil.

Follow the post-NFP dance, the IPC is coming

Within minutes of the US employment report being released on Friday, the dollar began a decline, which accelerated as the hours passed. On Monday this situation continues. The employment figures were not surprising, but they did trigger significant movements. This week, the key data from the US will be retail inflation (consumer’s price index). In politics, on Tuesday the midterm electionsin which the Republicans seem headed for a resounding victory.

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In China foreign trade data was published, which showed a lower than expected advance in exports and imports. The Asian giant reaffirmed the zero-Covid policy. Despite this, the markets in Asia closed with gains, which were 2.69% for the Hang Seng, and 1.20% for the Nikkei 225.

In Europe, a rise in the industrial production of 0.6% in September in Germany and an improvement in the Sentix Investor Confidence index from -38.3 to -30.9. Major European stock markets trade in the green, with the DAX up 0.87% and the CAC 40 0.15%; the FTSE 100 falls 0.15%.

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Wall Street futures are up more than 0.50% on average. Following the 1.36% gain in the S&P 500 on Friday, index futures are up 0.60% at the start of the week.

The dollar it is falling in the context of risk appetite and stability in the Treasury bond market. The 10-year tranche yields 4.13% and the two-year 4.67%. The Dollar Index (DXY) loses 0.30% and is at a one-week low.

The pound along with the Swedish krona, it is among the best performing currencies in the G10 group. GBPUSD remains above 1.1450, while EURGBP is testing 0.8700.

Manzana It falls around 1% in the previous one after cutting the production of its new phone, due to expectations of lower demand. Goal platforms points to a rise of 3% at the beginning of the week that could materialize hundreds of layoffs.

The metals They are trading below Friday’s close but are holding on to most of the recent gains. XAUUSD is above $1675, while silver is above $20.50. Volatility in commodity trading is expected to persist.

The Petroleum It falls modestly compared to Friday’s close, but like metals, it maintains recent gains. The barrel of WTI is located above 92.00$.

Cryptocurrencies fail to continue to benefit from dollar weakness and are falling on Monday. The Bitcoin yields almost 2% and trades at $20,735, while ethereum it does so at $1,579. Among the companies that will present results on Monday are lyft, Activision BlizzardBioNtech and Palantir.

Technical levels

SP500

Overview
Today last price 3789.88
Today Daily Change 26.21
Today Daily Change % 0.70
Today daily open 3763.67
trends
Daily SMA20 3734.25
Daily SMA50 3803.22
Daily SMA100 3900.81
Daily SMA200 4082.9
levels
Previous Daily High 3794.82
Previous Daily Low 3707.37
Previous Weekly High 3915.08
Previous Weekly Low 3697.23
Previous Monthly High 3905.2
Previous Monthly Low 3489.72
Daily Fibonacci 38.2% 3761.41
Daily Fibonacci 61.8% 3740.78
Daily Pivot Point S1 3715.75
Daily Pivot Point S2 3667.84
Daily Pivot Point S3 3628.3
Daily Pivot Point R1 3803.2
Daily Pivot Point R2 3842.74
Daily Pivot Point R3 3890.65

Source: Fx Street

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