S&P 500 Starts Higher, Despite Global Uncertaintity
Wall Street indices started mixed the day with the S&P 500 adding 0.04% at 2,870.29. The Dow Jones trading 0.09% higher at 25,801, while the Nasdaq trading 0.25% lower at 7,806 as investors closely watching the developments in US-China trade tensions.
S&P 500 gets a lift from Cimarex Energy +8.88%, Coty +4.83%, Philip Morris +4.16% and Hewlett Packard +3.63%, on the other hand, the index is dragged by Autodesk -11.06% after the company slashed its full-year forecasts, Absys -3.52%, Fortinet -3.52% and Intuit -3.12%.
The CBOE Volatility Index or fear index is adding 0.69% at 20.49 just to confirm the nervous market mood.
S&P 500 looking for direction after the recent correction as it formed a strong floor at 2,840 while on the upside is capped by the 100-day moving average. On the upside, immediate resistance is at 2,900 the high from yesterday while more pressure will be met at 2,945 the 50-day moving average. On the downside, S&P 500 first support stands at 2,840 low from August 23rd and then at 2,803 the 200-day moving average. Traders looking to enter long positions can buy if the index closes above 2,880 today’s top, targeting the 3,000 level for profits, and can keep their long positions as far the index is trading above the 2,803 mark.
The European Indices trading mixed. The FTSE 100 is 0.15 per cent higher at 7,100.34 as the pound trades above 1.2207. DAX index is 0.78 percent lower at 11,633 while CAC 40 in Paris also trades 0.80 percent lower at 5,344.