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Newsquawk US Market Wrap: Stocks hit and crude gains in choppy, geopolitics-driven trade
SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar up, Gold down
NAS100 (NASDAQ) 4 HOUR
New record high set at 26027 before the bottom dropped out on a news headline.
The volatility should see a more cautious approach into the weekend where 27000 is pivotal (i.e. needs to become support to build further momentum) while 26500 and 26198 need to hold to keep the downside in check.
US500 (SP500)4 HOUR
It’s hard to ignore the double top at 7152 after the retest of the record high today.
Guess where the retreat paused at?
7050 = a “Power of 50” level.
Stock market bulls will not give up without a fight and for that to happen, 7000 would need to be broken (supports at 7050, 7040 and 7011 ahead of it).
So, expect either consolidation or some book squaring into the weekend given the geopolitical event risk barring a surprise positive headline ahead of it.
Player oil-price reaction to Katz’s sulphur n fire
relatively tame n short-lived
maybe players read “US drains critical missile stockpiles in Iran war as yearslong rebuild looms” drivel on Foxnews
OR players are now waiting for the “green light from the United States” to target the new supreme leader and Iranian energy sites. as per Katz
S&P flash Global PMIs beat… little fx reaction… stocks like it even though not as important as the ISM PMI
US PRE-MARKET MOVERS: NOW, TSLA, MBLY, OKLO, TXN, CMCSA, CSX, HAS, ROP, INTC, NFLX, LUV, LMT, LULU, HON, IBM, SMCI
ES -0.2% NQ -0.2% RTY +0.1%
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