US equity indices will be looking for cues from Powell who is scheduled to speak later Thursday. S&P 500 and Nasdaq have retreated from key resistance. Is the rebound over?
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.2023-10-18 16:05:00Markets will be looking for indications of a Fed pivot from Powell’s tone and comments later Thursday.U.S. dollarUS equity indices will be looking for cues from US Federal Reserve Chair Jerome Powell who is scheduled to speak later Thursday.
Markets have been grappling with a mix of factors, including mounting tensions in the Middle East, elevated US yields, third-quarter earnings season, light equities positioning, and generally positive seasonality. Participants will be looking for a justification of the dovish market pricing from Powell’s tone and comments.
It is now testing a key cushion at Friday’s low of 4377. Any break below could pave the way toward the early October low of 4215. Any break below the 200-day moving average could expose the downside initially toward the end-April low of 4050.Zooming out from a multi-week perspective, the weakness since August reinforces the broader fatigue, as pointed out in previous updates. See “
The Nasdaq 100 index has retreated from a stiff hurdle on the upper edge of a declining channel since July, not too far from the early-September high of 15618 and the July high of 15932. While the price action is still unfolding, the lower high created last week raises the risk of a retest of the September low of 14435. This support is crucial as any break below would disrupt the higher-highs-higher-lows sequence established since the start of the year.
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