Live Markets: U.S. stocks rebound after stumbling out of the gate

Lions Gate Entertainment

23/10/2023 15:36

* 
      Major U.S. averages slightly lower; DJI off ~0.3%
    

        * 
      Energy weakest S&P 500 sector; comm svcs leads gainers
    

        * 
      Euro STOXX 600 index down ~0.3%
    

        * 
      Dollar, gold slip; crude off ~1%; bitcoin up ~3.5%
    

        * 
      U.S. 10-Year Treasury yield edges down to ~4.91%
    

  
Welcome to the home for real-time coverage of markets brought to
you by Reuters reporters. You can share your thoughts with us at

    
    U.S. STOCKS REBOUND AFTER STUMBLING OUT OF THE GATE (1018
EDT/1418 GMT)
        Major U.S. averages are slightly lower in the early
stages of trading on Monday, with investors eyeing several 
    key support levels
     on the S&P 500  .SPX  after the benchmark index fell
through its 200-day moving average on Friday. 
  
        After once again flirting with the 5% mark, the 10-year
U.S. Treasury yield  US10YT=RR  has backed off to 4.91% giving
some upside momentum to equities after a sharply lower open that
saw the Nasdaq  .IXIC  fall more than 1%. 
  
        With the Federal Reserve in its "blackout period" ahead
of next week's policy meeting, investors will eye corporate
earnings as the pace of results picks up this week, while more
Treasury supply will come to the market in the form of 2-year,
5-year and 7-year notes.
  
        Below is your market snapshot:
  
     
        
  
        (Chuck Mikolajczak)
  
         *****     
  
        
  
        
  
    S&P 500 INDEX: POISED FOR 4,200 SUPPORT TEST (0900 EDT/1300
GMT)
    The S&P 500 index  .SPX  suffered further technical damage
last week which has traders eyeing the next support levels
around the closely watched 4,200 area.
    The benchmark index ended below its rising 200-day moving
average (DMA) on Friday for the first time since March 17. The
200-DMA should ascend to about 4,235 on Monday. 
    On the weekly charts, the 40-week moving average (WMA) can
seen as a proxy for the 200-DMA, and that should be resistance
around 4,252 this week:
    
    
    On Monday, e-mini S&P 500 futures  EScv1  are suggesting the
SPX is poised to fall around 15 points at the open. If so, the
index should dip just below the early October low at 4,216.45 in
early trade.
    The next support is at the 23.6% Fibonacci retracement of
the March 2020-January 2022 advance at 4,198.70, and the early
February high was at 4,195.44.
    The 100-WMA should be around 4,180 this week, and the 50%
retracement of the 2022 decline is at 4,155.10. There is a
weekly Gann Line around 4,116.
    A decline to the 4,198-4,155 area would put the SPX down
8.5%-9.5% from its July 31 closing high of 4,588.96. A slide to
the weekly Gann Lien would put the SPX down just over 10%.
    Strength back over 4,252, confirmed by the weekly close,
would look constructive shorter-term.         
       
    (Terence Gabriel)
     *****

    FOR MONDAY'S LIVE MARKETS POSTS PRIOR TO 0900 EDT/1300 GMT -
CLICK HERE

    
    
    
    
    
    
    

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
SPX10232023    https://tmsnrt.rs/40f00Qr
Early trade Oct 23    https://tmsnrt.rs/3McnnEw
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Terence Gabriel is a Reuters market analyst. The views
expressed are his own)