Thursday's Market Minute: Equities Near The Breaking Point?

S&P 500 futures have seen choppy markets for the past two trading weeks, but yesterday finally brought a test to the downside and the overnight session brought prices back below 4500. The /ES completed a bearish MACD crossover yesterday on the heaviest daily volume in about three weeks. Meanwhile, the low of the day came just shy of a bearish Parabolic SAR crossover, which currently would trigger near 4488. To the downside, the first point to monitor is the 21-day Exponential Moving Average, currently near 4480.

Also, 4470 could be an important level to watch, as it is both near the previous lows from Aug. 26 as well as a high point from earlier in the month. Beyond that, the range between the 21-day EMA and the 50-day Simple Moving Average, currently between about 4378 & 4411, often served as a support zone for much of the time since the initial pandemic sell-off. If equities recover and the /ES starts to rally once more, watch near the yearly linear regression line around 4543 for resistance.

Image by Jo Wiggijo from Pixabay
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EarningsNewsGuidanceFuturesCommoditiesFederal ReserveMarketsGeneralEquitiesPartner ContentTDAmeritrade
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!