The S&P 500 index recovers the 3,900 level but remains in negative territory

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  • The S&P 500, the Dow Jones and the Nasdaq posted losses in a risk-off environment.
  • The dollar index falls more than 1.50%, dragged down by the fall in US Treasury yields; gold rebounded.

US equities recovered some ground during the day, but remains poised to finish lower, despite efforts by investors for a last-minute rally. At the time of writing, the S&P 500, Dow Jones Industrials and Hi-Tech Nasdaq Composite are down 0.13% to 0.70%, trading at 3,904.92, 11,398.96 and 31,268.98, respectively.

Sentiment remains gloomy, accentuated by the stagflation scenario surrounding the world economy. The coronavirus crisis in China continues as local outbreaks raise concerns about further lockdowns. In addition, high inflationary pressures have taken their toll on large US retailers such as Walmart and Target, which have said their margins have shrunk due to high prices.

Fed officials have made statements in recent days, with most of them saying inflation is “too high” and reiterating a stance to raise the Federal Funds Rate (FFR) by 50 basis points at the meeting. of June. Kansas City Fed President Esther George said a “tough week in equity markets” would not change her view of raising rates, while Philadelphia Fed Patrick Harker added the US economy could have a few quarters of negative growth, but that’s not what you expect.

Meanwhile, the USD weakens further on the week, over 1.50%. The dollar index, a gauge of the value of the dollar, stands at 102.751, losing 1.11% on Thursday. The 10-year US Treasury yield extended its losses on the day, four basis points below the open and currently stands at 2,850%.

As for the sectors, the winners are Materials, Consumer Discretionary and Energy, which rose 1.23%, 0.84% ​​and 0.69%, respectively. The sectors with the worst results are basic consumer goods, finance and technology, which fell by 1.74%, 0.54% and 0.50% each.

In the commodity complex, US benchmark oil, WTI, gains 2.70%, trading at $112.00 a barrel, while precious metals, such as gold (XAU/USD), rise 1.35%, trading at $1,840.88 a troy ounce, helped by a softer US dollar.

S&P 500 daily chart

Technical levels

SP500

Panorama
Last Price Today 3888.48
Today’s Daily Change -37.67
Today’s Daily Change % -0.96
Today’s Daily Opening 3926.15
Trends
20 Daily SMA 4126.55
50 Daily SMA 4318.61
100 Daily SMA 4401.43
200 Daily SMA 4475.07
levels
Previous Daily High 4084.21
Previous Daily Minimum 3911.75
Previous Maximum Weekly 4095.91
Previous Weekly Minimum 3858.25
Monthly Prior Maximum 4592.12
Previous Monthly Minimum 4122.09
Daily Fibonacci 38.2% 3977.63
Daily Fibonacci 61.8% 4018.33
Daily Pivot Point S1 3863.86
Daily Pivot Point S2 3801.58
Daily Pivot Point S3 3691.4
Daily Pivot Point R1 4036.32
Daily Pivot Point R2 4146.5
Daily Pivot Point R3 4208.78

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Source: Fx Street

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