FXStreet reports that the Credit Suisse analyst team notes that the S&P 500 continues to lose near-term momentum and has seen a test and hold for now from key support from its 13-day exponential average at 4503, and suggests that a close below here is needed to confirm a deeper corrective setback is underway.
“We continue to watch the VIX closely which has risen from the lower end of its two-month range and is now approaching its key resistance from its 200-day average at 20.04. A close above here would suggest strength can extend to the top of the range at 24.50, but would importantly also suggest the S&P 500 can see a deeper setback, reinforcing the current poor momentum picture.”
“A close below the 13-day exponential average at 4503 should confirm a corrective phase lower is indeed underway for a test of the 4469 recent low, with scope then for the potential uptrend from July and price support at 4452/42.”
U.S. stock-index futures traded flat on Thursday, as investors digested the better-than-expected U.S. weekly jobless claims report and the ECB’s changes to the pace of its pandemic bond-buying program, and implications they could have for the Federal Reserve's decision on stimulus.
Global Stocks:
Index/commodity | Last | Today's Change, points | Today's Change, % |
Nikkei | 30,008.19 | -173.02 | -0.57% |
Hang Seng | 25,716.00 | -604.93 | -2.30% |
Shanghai | 3,693.13 | +17.94 | +0.49% |
S&P/ASX | 7,369.50 | -142.50 | -1.90% |
FTSE | 7,021.03 | -74.50 | -1.05% |
CAC | 6,680.71 | +11.82 | +0.18% |
DAX | 15,627.33 | +17.05 | +0.11% |
Crude oil | $68.20 | -1.59% | |
Gold | $1,796.70 | +0.18% |
(company / ticker / price / change ($/%) / volume)
3M Co | MMM | 188.04 | 0.15(0.08%) | 510 |
ALCOA INC. | AA | 46.12 | 0.39(0.85%) | 65127 |
ALTRIA GROUP INC. | MO | 50.76 | -0.12(-0.24%) | 8511 |
Amazon.com Inc., NASDAQ | AMZN | 3,529.10 | 3.60(0.10%) | 17664 |
Apple Inc. | AAPL | 155.39 | 0.28(0.18%) | 475044 |
AT&T Inc | T | 27.56 | -0.04(-0.14%) | 20676 |
Boeing Co | BA | 211 | -0.38(-0.18%) | 57609 |
Caterpillar Inc | CAT | 206.21 | -0.56(-0.27%) | 4303 |
Chevron Corp | CVX | 96.1 | -0.29(-0.30%) | 67883 |
Cisco Systems Inc | CSCO | 57.9 | -0.78(-1.33%) | 919005 |
Citigroup Inc., NYSE | C | 69.93 | -0.11(-0.16%) | 30584 |
Deere & Company, NYSE | DE | 370.05 | -0.18(-0.05%) | 2055 |
E. I. du Pont de Nemours and Co | DD | 70.09 | -0.53(-0.76%) | 344 |
Exxon Mobil Corp | XOM | 53.96 | -0.09(-0.17%) | 97490 |
Facebook, Inc. | FB | 377.5 | -0.07(-0.02%) | 23447 |
FedEx Corporation, NYSE | FDX | 259.3 | -1.72(-0.66%) | 12682 |
Ford Motor Co. | F | 12.98 | -0.05(-0.38%) | 226432 |
Freeport-McMoRan Copper & Gold Inc., NYSE | FCX | 34.77 | 0.40(1.16%) | 220126 |
General Electric Co | GE | 102.42 | -0.16(-0.16%) | 11318 |
General Motors Company, NYSE | GM | 48.88 | -0.09(-0.18%) | 16971 |
Goldman Sachs | GS | 403.51 | -1.49(-0.37%) | 1807 |
Google Inc. | GOOG | 2,898.84 | 1.17(0.04%) | 3241 |
Hewlett-Packard Co. | HPQ | 28.2 | 0.01(0.04%) | 497 |
Home Depot Inc | HD | 330.75 | -0.83(-0.25%) | 588 |
HONEYWELL INTERNATIONAL INC. | HON | 223.95 | -0.45(-0.20%) | 508 |
Intel Corp | INTC | 53.55 | -0.02(-0.04%) | 33730 |
International Business Machines Co... | IBM | 138.12 | -0.55(-0.40%) | 5536 |
Johnson & Johnson | JNJ | 171.34 | -0.56(-0.33%) | 7366 |
JPMorgan Chase and Co | JPM | 158.44 | -0.06(-0.04%) | 6875 |
McDonald's Corp | MCD | 238.04 | -0.58(-0.24%) | 587 |
Merck & Co Inc | MRK | 75.17 | -0.19(-0.25%) | 23491 |
Microsoft Corp | MSFT | 300.47 | 0.26(0.09%) | 44697 |
Nike | NKE | 162.62 | 1.91(1.19%) | 28295 |
Pfizer Inc | PFE | 46.27 | -0.24(-0.52%) | 100639 |
Procter & Gamble Co | PG | 144.24 | -0.36(-0.25%) | 621 |
Starbucks Corporation, NASDAQ | SBUX | 117.82 | -0.22(-0.19%) | 7046 |
Tesla Motors, Inc., NASDAQ | TSLA | 755.66 | 1.79(0.24%) | 128157 |
The Coca-Cola Co | KO | 56.32 | -0.10(-0.18%) | 7027 |
Twitter, Inc., NYSE | TWTR | 62.48 | 0.21(0.34%) | 20032 |
Verizon Communications Inc | VZ | 54.89 | -0.02(-0.04%) | 29827 |
Visa | V | 229.25 | 0.16(0.07%) | 638844 |
Wal-Mart Stores Inc | WMT | 147.15 | -0.31(-0.21%) | 1695 |
Walt Disney Co | DIS | 185.21 | 0.06(0.03%) | 63819 |
Yandex N.V., NASDAQ | YNDX | 77.75 | -0.53(-0.68%) | 21943 |
Walt Disney (DIS) initiated with a Buy at Arete; target $263
Netflix (NFLX) initiated with a Buy at Arete; target $735
Cisco (CSCO) downgraded to Equal-Weight from Overweight at Morgan Stanley; target raised to $59
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