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Last Trade - 27/03/20

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LIVE MARKETS U.S.-S&P 500 Futures: Momentum fumble may lead to tumble

Tue 18th February, 2020 2:23pm
* Futures down as Apple warning chills investors * European indexes down; Asian indexes end mostly lower * U.S. 10-Yr T-Note yield ~1.55%, Dollar index rises Feb 18 - Welcome to the home for real-time coverage of U.S. equity markets brought to you by Reuters stocks reporters and anchored today by Chuck Mikolajczak. Reach him on Messenger to share your thoughts on market moves: S&P 500 FUTURES: MOMENTUM FUMBLE MAY LEAD TO TUMBLE (0915 EST/1415 GMT) CME E-Mini S&P 500 Futures EScv1 made a new high in overnight trade, but have since reversed and are trading down over 10 points. (Click on chart below) Meanwhile, with the downward reversal, a protracted daily momentum divergence is becoming more severe and suggesting the futures may be vulnerable to a deeper decline.*:nL1N2AD0NQ Futures hit a high 3,392.50 overnight before reversing and action is putting the Feb. 13 trough (3,348.50) at risk. The next support is at the Feb. 10 low (3,303.50), while the rising 50-day moving average (DMA) now comes in at about 3,261. Of note, the 50-DMA contained the initial coronavirus panic in late January when the futures hit a low of 3,212.75. Despite higher highs in the futures over the past several months, momentum has been waning. Indeed, the daily RSI has been making lower highs, diverging from the price action. Just since last summer, multi-day/week declines in the futures were preceded by momentum divergence.*:nL1N2AE0CJ Therefore, a break of 3,348.50 may see downside pressure intensify. In that event, the daily RSI may be due to fall into oversold territory, something it hasn't done since early October.*:nL1N2AC0J0 (Terence Gabriel) ***** APPLE WARNING SENDS FUTURES LOWER (0849 EST/1349 GMT) Equity index futures were pointing to a lower open on Tuesday, with the S&P 500 coming off back-to-back weekly gains, as a sales warning from Apple AAPL.O crystallized investor worry about the impact of the coronavirus. Apple shares fell as low as $310.06 before the opening bell, and were last down about 2.2% at $317.90 after warning on Monday that it was unlikely to meet its March quarter guidance set less than a month ago, as manufacturing facilities in China have been slower to ramp up production than expected after closures due to the virus.*:nL1N2AH0QL The warnings also weighed on suppliers to the iPhone maker, with names such as Qualcomm QCOM.O , Intel INTC.O and Broadcom AVGO.O were lower in premarket trade. The iShares PHLX semicondudctor ETF SOXX.O was off 1.8%. Still, losses were curbed somewhat as China said it will grant tariff exemptions on 696 U.S. goods, as Beijing looks to fulfill commitments made in its interim trade deal with the United States.*:nL4N2AI19P Below is your premarket snapshot: (Chuck Mikolajczak) ***** <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Premarket levels Feb 18 EScv102182020 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
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