• U.S. stock futures traded higher on Thursday night, pointing to a rebound for Wall Street after back-to-back sell-offs.
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• S&P500 Technical Analysis: Stock market remains weak after Wednesday’s sell-off
The S&P500 has almost erased the last three months of trading in about two weeks.
The S&P500 continued the sell-off started on Wednesday although some buying interest was there above 2,700.00 figure. The RSI, MACD and Stochastic indicators are in negative territories suggesting further weakness.
There is no sign of a bottom and the bear momentum remains for the moment intact with supports seen near 2,718.75 (April 17 high) and 2,710.00 (October 11 low).
Main trend: Bullish
Short-term trend: Bearish
Resistance: 2763.50, 2800.00, 2834.25
Support: 2718.75, 2710.00, 2700.00
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· European stocks bounced back on Friday morning, with global sentiment turning more positive after two sessions of sharp losses.
The pan-European Euro Stoxx 600 index was up by 0.7 percent in early deals, with technology and autos seeing the strongest gains. The German DAX rose1.2 percent with a broad based rally across all major bourses in the region.
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· Asian shares staged a rebound on Friday to set course for their first gains in two weeks, with Shanghai managing a modest recovery from a rout that saw its shares crumble to near 4 year lows.
Shanghai shares bounced 0.8 percent .SSEC, recouping earlier losses of 1.8 percent as cheap valuations drew bargain hunters.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 2.0 percent, the biggest in more than two years.
· Japan’s Nikkei changed course and ended higher on Friday as investors took heart from gains in Chinese shares on upbeat Chinese export data, triggering buying in manufacturers exposed to China.
The Nikkei share average gained 0.5 percent to 22,694.66 after falling as much as 1.2 percent early in the day. On Thursday, the index slid 3.9 percent.
For the week, the Nikkei shed 4.6 percent, its biggest weekly drop since March.
· China’s main stock indexes bounced higher on Friday after suffering brutal losses a day earlier, as investors snapped up battered bargains and as Chinese exports showed unexpectedly strong growth in September.
At the close, the Shanghai Composite index was 0.9 percent higher at 2,606.91 points, after touching near four-year lows on Thursday amid a global sell-off. The index was down 7.6 percent for the week, its worst weekly performance since early February.
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