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S&P 500 Price at Reversal Point, Stocks in Limbo Before Trade Talks

S&P 500 Price at Reversal Point, Stocks in Limbo Before Trade Talks

2019-06-06 05:00:00
Daniel Dubrovsky, Analyst
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Asia Pacific Markets Talking Points

  • US-Mexico trade deal hopes left equities mixed in Asia Pacific markets
  • Market limbo may be ahead, ECB rate decision and trade talks in focus
  • S&P 500 sitting at resistance, offering fundamentals clear reversal point

Find out what retail traders’ equities buy and sell decisions say about the coming price trend!

Markets in Limbo, Awaiting ECB and US-Mexico Trade Talks

Equities traded mixed in Asia Pacific trade, clinging on to hopes that the US and Mexico could reach a deal that avoids sparking another trade war front. After the two nations failed to reach an agreement earlier today, fueling a selloff in the Mexican Peso, they will be heading back for more talks in the coming 24 hours.

As such, the Nikkei 225 was only cautiously higher heading into Tokyo close, rising about 0.2%. In Australia, the ASX 200 was up higher, over 0.5%. However, materials underperformed with BHP shares sinking and inching closer to perhaps confirming a bearish candlestick pattern.

The anti-risk Japanese Yen was aiming narrowly higher against its major counterparts. S&P 500 futures are pointing cautiously lower, placing the focus for risk trends on the upcoming ECB rate decision and US-Mexico trade talks.

Until the outcome for the latter is clear, it may prove difficult for equities to sustain material gains, creating market limbo. This is because an escalation in trade wars, with US-China relations deteriorating and the USMCA in doubt, is clouding the fundamental outlook. Fed rate cut bets and US recession fears are on the rise.

S&P 500 Technical Analysis

Taking a closer look at S&P 500 futures to show afterhours trade and to see what may come, the index sits right on the near-term falling resistance line from May. Confirmation to the upside is needed to argue a breakout. Otherwise, resistance at 2824 may hold and send the index lower.

S&P 500 Futures Daily Chart

S&P 500 Price at Reversal Point, Stocks in Limbo Before Trade Talks

Chart Created in TradingView

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--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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