Stocks Analysis by MarketPulse (Kelvin Wong) covering: S&P 500. Read MarketPulse (Kelvin Wong)'s latest article on Investing.com
Trump’s trade war 2.0 narrative & steep sell-off in ASML spooked the performances of the major US stock indices on Tuesday, 15 October.
US trade tensions with China narrative is now back on the radar of market participants after US Republican presidential nominee Donald Trump reaffirmed his preference for higher tariffs on China and the rest of the world’s exports to the US as he remarked that “tariffs are the most beautiful word in the dictionary” during yesterday’s live in-person interview with Bloomberg News organized by The Economic Club of Chicago.
Hence, the S&P 500 now faces an increased risk of a jump in the VIX which in turn may spark a multi-week risk-off episode in the global financial markets.Fig 2: Major trends of MOVE Index, VIX & VIX/MOVE ratio as of 16 Oct 2024 Interestingly, the ratio of VIX/MOVE has printed a series of “higher lows” and staged a bullish breakout from a major descending trendline resistance on the week of 15 July 2024 which suggests outperformance conditions of the VIX over MOVE Index have surfaced.Watch the 5,930 Key Resistance on the S&P 500
5,930 key medium-term pivotal resistance on the Index and a break below 5,675 key intermediate support is likely to trigger a medium-term corrective decline sequence to expose the next medium-term supports of 5,390 and 5,100 .
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