· The S&P 500 was very slow at the open on Monday, as the 2800 level continues to be an area of interest. I believe that there are buyers underneath though, and that there are enough value hunters down there to turn things around eventually.
If we break down below the 2770 handle, then I think we reset back to the 2740 level, but right now I think it’s more likely that we consolidate in a short-term range, so if you have the ability to trade short-term charts in a range bound fashion, this might be a good market for you. I suspect that eventually the value hunters will step in, that’s typically what they do but that could be a situation for late in the day. If we do break down, it’s just a matter being patient enough to wait for more demand to enter the market to take advantage of that value being offered.
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• Stocks in Europe hovered around the flatline Tuesday as investors awaited further corporate results and remarks by Federal Reserve Chairman Jerome Powell.
The pan-European Stoxx 600 was flat with major bourses and sectors pointing in different directions. Construction and material stocks were the worst performers, off by 0.28 percent, whereas basic resources rose 0.31 percent on earnings news.
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• Asian stocks were mostly lower on Tuesday, with a sharp decline in crude oil prices weighing on energy shares, while the dollar dipped ahead of Federal Reserve Chairman Jerome Powell’s first U.S. congressional testimony.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3 percent lower following two sessions of gains.
• Japan’s Nikkei share average rose to a one-month high on Tuesday as a weak yen lifted exporters, offsetting weakness in machinery stocks after data showed China’s growth momentum is cooling.
Japanese markets reopened after a three-day weekend due to a national holiday on Monday, with the Nikkei ending 0.4 percent higher to 22,697.36, the highest closing level since June 15.
The broader Topix advanced 0.9 percent to 1,745.05.
• China stocks ended lower on Tuesday, with the Shanghai benchmark index down for a third session, dented by energy firms following a sharp decline in crude oil prices.
The blue-chip CSI300 index closed 0.7 percent down at 3,449.38, while the Shanghai Composite Index ended 0.6 percent lower at 2,798.13 points.
Reference: Reuters, CNBC
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