S&P 500: Stocks bounce, but pessimism still dominates

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  • Wall Street futures point to an opening with gains of 1.20% on average.
  • Europe registers important gains.
  • Government bond yields rise in line with improving market sentiment.
  • Oil and metals are holding on to recent gains.

Equity markets are rising on Friday but unable to erase weekly losses. Wall Street futures are firm, rising around 1.20%.

For now, just a bounce

In Europe the main squares are in green. The FTSE 100 climbs 1.95%, the DAX rises 1.96% and the FTSE MIB 1.85%. In advance of the formal open on Wall Street, the S&P 500, which closed Thursday down 0.58%, is up 1.15%. Dow Jones futures climb 0.90%. Bond yields on both sides rise moderately.

China cut a benchmark interest rate for long-term loans more than expected to support the country’s real estate market, which helped equity markets.

The rise in share prices is seen as a rebound from recent declines and is only enough to trim weekly losses. Stocks are on track for their seventh straight weekly decline, the worst streak since 2001. The backdrop has not changed much, as fears persist about the global growth outlook, coupled with monetary tightening and inflation, in addition to the continuing war in Ukraine.

The volatility It remains high and this week’s closing has an extra risk, since according to Goldman Sachs estimates, 450,000 million dollars in equity derivatives and 855,000 million in contracts related to the S&P expire.

The dollar continues to fall, albeit at a more moderate rate. The start of the dollar correction somewhat anticipated the rebound in equity markets. The DXY is snapping a six-week winning streak. The better mood contributed to the weakness of the dollar.

The Petroleum rises modestly but confirms a big rebound. The barrel of WTI bounced almost $8 on Thursday. Metals also rose significantly and retain gains. The Prayed trades at $1845, $25 above Thursday’s low; while the silver it does so in the $22.00 zone. The rebound also includes the cryptocurrencieswith BTC/USD trading above $30,000.

There will be no US economic data on Friday, nor is a presentation by Federal Reserve officials scheduled. With regard to corporate results, it is the turn of FootLockerDeere and Co and Regency. Ross Stores (discount clothing store) falls more than 20% in the premarket after yesterday’s results, adding to the concern generated by the Walmart Y target. On the opposite side, Palo Alto Networks rises more than 10% after better figures than expected.

Technical levels

SP500

Overview
Today last price 3940.23
Today Daily Change 41.55
Today Daily Change % 1.07
Today daily open 3898.68
trends
Daily SMA20 4101.86
Daily SMA50 4311.44
Daily SMA100 4392.53
Daily SMA200 4472.25
levels
Previous Daily High 3944.87
Previous Daily Low 3857.98
Previous Weekly High 4095.91
Previous Weekly Low 3858.25
Previous Monthly High 4592.12
Previous Monthly Low 4122.09
Daily Fibonacci 38.2% 3891.17
Daily Fibonacci 61.8% 3911.68
Daily Pivot Point S1 3856.15
Daily Pivot Point S2 3813.62
Daily Pivot Point S3 3769.26
Daily Pivot Point R1 3943.04
Daily Pivot Point R2 3987.4
Daily Pivot Point R3 4029.93

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Source: Fx Street

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