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.2023-10-09 19:36:14Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.17% Silver...Oversold conditions, light positioning, and positive seasonality raise the bar for a material downside from here ahead of the upcoming earnings season.
Oversold conditions, light positioning, and positive seasonality raise the bar for a material downside in US equities ahead of the upcoming earnings season. At the same time, rising US real yields/cost of borrowing pose constraints on the upside.The S&P 500 is holding above quite strong converged support on the 200-day moving average and the lower edge of a declining channel from August,.
Unless the index is able to clear, at minimum, the early-September high of 4542, the path of least resistance is broadly sideways at best. Ahead of 4542, the index needs to deal with the mid-August low of 4335 followed by the upper edge of the channel. On the downside, any break below the 200-day moving average could expose the downside initially toward the end-April low of 4050.
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