S&P 500: Futures without clear direction ahead of employment data

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  • Mixed futures, no big changes awaiting non-farm payrolls.
  • Dollar rises modestly, Treasury yields stable.
  • Metals fall and oil validates losses.

Wall Street futures are trading between gains and losses while European markets post modest losses. The focus is on the US employment data. In the previous one the dollar rises modestly.

End of the week with key data

The S&P closed down 0.08% on Thursday and futures are down 0.05% on Friday. The prices of the shares do not register significant variations. Market sentiment is moving between corporate results, tensions between China and the US after Pelosi’s visit and the response with Chinese military exercises that include missile launches around Taiwan.

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In the Eurozone industrial production data were known that were mostly surprising with increases greater than expected as in the case of Germany which registered a rise of 0.4% in June, in France advanced 1.4% and in Spain 1.1%. Italy had a decline of 2.1%.

The economic calendar shows ahead at 12:30 GMT the official US employment report which is expected to show an increase in non-farm payrolls of 250,000 in July and the unemployment rate to remain at 3.6%. The data is expected to activate a great volatility in the financial markets.

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The dollar expects the data rising modestly, in a calm context. EUR/USD pulls back from 1.0250, USD/JPY moves around 133.00, while USD/CAD is at weekly highs. In Canada Employment figures will also be published.

The Indian rupee It trades without significant changes, around 79.20 after the central bank of India raised the reference interest rate to 5.40%, by 50 basis points, a little more than expected by the market.

The pound sterling is recovering ground after the fall that followed the rise in the interest rate of 50 basic points on Thursday of Bank of England. The central bank gave a pessimistic economic forecast and anticipated higher inflation and recession.

Metals are pulling back ahead of the key data. XAUUSD approached $1,800, before losing momentum and falling towards $1,785, while the XAGUSD is trying to hold above $20.00, having failed to break $20.50.

The prices of Petroleum validate recent losses. This despite the fact that the increase in production announced by the Organization of the Petroleum Exporting Countries and its allies it wasn’t strong enough. The barrel of WTI is below $90.00, the lowest since February, that is, since the Russian invasion of Ukraine began.

in the premarket, DoorDash rises 10.60% after reports a bigger loss, but higher income. Zillow falls 7.65%, after a decline in income and Warner falls more than 10% after the first report after the merger with Discovery. Tesla shareholders approved the split of the stock in 3. On Friday, DraftKings, Goodyear and Western Digital, among others, will present results.

Technical levels

SP500

Overview
Today last price 4149.41
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 4149.41
trends
Daily SMA20 3965.58
Daily SMA50 3931.11
Daily SMA100 4105.8
Daily SMA200 4328.58
levels
Previous Daily High 4169.22
Previous Daily Low 4133.95
Previous Weekly High 4138.48
Previous Weekly Low 3909.39
Previous Monthly High 4138.48
Previous Monthly Low 3720.07
Daily Fibonacci 38.2% 4155.75
Daily Fibonacci 61.8% 4147.42
Daily Pivot Point S1 4132.5
Daily Pivot Point S2 4115.59
Daily Pivot Point S3 4097.23
Daily Pivot Point R1 4167.77
Daily Pivot Point R2 4186.13
Daily Pivot Point R3 4203.04

Source: Fx Street

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