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SPX 500, Nasdaq Uncertain Ahead of FOMC Minutes – ISM Falls

SPX 500, Nasdaq Uncertain Ahead of FOMC Minutes – ISM Falls

Tammy Da Costa, Analyst

SPX (US S&P 500), NDX (NASDAQ 100) Latest:

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US equity futures remain under pressure as S&P 500 and the Nasdaq 100 trade within a well-defined range. With interest rates and inflation fueling recession risks, the geopolitical backdrop continues to be monitored closely.

As the Federal Reserve prepares to deliver the first FOMC minutes for 2023, the release of US ISM manufacturing data has done little to boost sentiment.

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Although the December report came in slightly lower than expected at 48.4 (vs 48.5 est), the November JOLTs report (which measures the number of job openings for a specific period) places this week’s NFP (non-farm payroll) report at the forefront of risk sentiment.


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With the S&P 500 and NASDAQ 100 sensitive to rate expectations and recession risks, the major stock indices continue to trade cautiously ahead of the FOMC minutes.

As SPX futures hover above the 61.8% Fibonacci retracement of the 2020 – 2022 move at 3815.2, a move lower could see the index retesting another key level from the 2022 move at 3773.15.

S&P 500 (SPX) Futures Daily Chart

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Chart prepared by Tammy Da Costa using TradingView

Meanwhile, with the 78.6% Fibonacci from the longer-term move providing resistance around the 3930 handle, a move higher could see S&P 500 rising back towards the next resistance level at the key psychological level of 4000.

US 500 Bullish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -13% 15% 0%
Weekly -6% 23% 8%
What does it mean for price action?
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--- Written by Tammy Da Costa, Analyst for

Contact and follow Tammy on Twitter: @Tams707

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