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S&P 500 Topping? Stocks Eye US Durable Goods Orders for Volatility

S&P 500 Topping? Stocks Eye US Durable Goods Orders for Volatility

Daniel Dubrovsky, Strategist

Asia Pacific Markets Talking Points

  • Risk aversion cools down in Asia markets
  • Equities eyeing US durable goods orders
  • S&P 500 may confirm reversal formation

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

Equities traded mixed during Wednesday’s Asia Pacific session, though those that declined far outpaced ones that were positive or little changed. Most notably, the Nikkei 225 aimed about 0.6 percent lower heading into Tokyo’s close.

This follows a generally pessimistic day on Wall Street where St. Louis Fed President James Bullard cooled aggressive dovish bets for July’s interest rate announcement. Meanwhile, the RBNZ failed to significantly bolster August rate cut expectations which boosted NZDUSD.

China’s benchmark stock index, the Shanghai Composite, weakened a little over 0.2 percent. Australia’s ASX 200 traded little changed as financials, which compose about a third of the index, fell and health care stocks rallied.

Stocks Eyeing US Data, G20 Buildup

S&P 500 futures are little changed heading into European and US trading hours as markets await this week’s G20 leaders summit for US-China trade war updates. In the near-term, softer-than-expected US Durable Goods Orders could rekindle dovish Fed support, boosting stocks.

S&P 500 Technical Analysis

Taking a closer look at S&P 500, to show after-hours trade, the index closed under a rising support line from the beginning of this month. This follows a failure to breach resistance at 2961. A Double Top, which is a bearish reversal pattern, formed as a result. Confirmation of a reversal ought to need further closes to the downside.

S&P 500 Futures Daily Chart

S&P 500 Topping? Stocks Eye US Durable Goods Orders for Volatility

Charts 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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