S&P 500 index: So far just a small setback
U.S. equity index futures mixed, little changed
Sep ADP national employment 143k vs 120k estimate
Euro STOXX 600 index ~flat
Dollar up; crude gains ~3%; bitcoin slips; gold dips
U.S. 10-Year Treasury yield rises to ~3.80%
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S&P 500 INDEX: SO FAR JUST A SMALL SETBACK
Amid intensifying Mideast tensions, and ahead of the September jobs report coming this Friday, the S&P 500 index .SPX has retreated from last Thursday's record intraday high at 5,767.37, and Monday's record closing high of 5,762.48.
The benchmark index ended Tuesday at 5,708.75, putting it down only around 1% from its record highs, and still up about 20% YTD.
The prevailing trend is still positive with traders eyeing a long-term log-scale resistance line from 1929, which presents a barrier around 6,035 this month:
The SPX ended Tuesday 5.7% below this line. At last week's intraday high, the SPX stalled 4.4% shy of this line. Of note, the index topped in early 2022 about 8% below this line.
In terms of initial support levels, the index's mid-July and late-August intraday highs sit at 5,669.67 and 5,651.62. The rising 10-week moving average (WMA) is now around 5,600.
The rising 20-WMA is now around 5,520. Since reclaiming the 20-WMA on a weekly closing basis in early November 2023, the SPX has not registered a weekly close back below it.
Meanwhile, those traders who utilize Fibonacci trend-based methodologies are still eyeing mid-October as offering potential for another significant turn based off of the October 2022 bear-market trough - Click here.
(Terence Gabriel)
*****
FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
TIME TO GO IDIOSYNCRATIC ON LUXURY - BofA - CLICK HERE
UTILITIES: AFTER THE "BIG COMEBACK", NOW WHAT? - CLICK HERE
SURPRISE, SURPRISE: U.S. EXCEPTIONALISM MIGHT BE BACK - CLICK HERE
US ELECTION: IMPLICATIONS FOR EUROPE - CLICK HERE
OIL NAMES LEAD GAINS IN EUROPE - CLICK HERE
EUROPEAN FUTURES POINT TO TEPID START - CLICK HERE
WORRIES OVER MIDDLE EAST ESCALATION WEIGH - CLICK HERE
SPX10022024 https://tmsnrt.rs/3TTV1mp
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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