The S&P500 crashed last Wednesday and drove prices below the 200-day simple moving average.
The S&P500 is showing no sign of recovery suggesting that further losses can be on the cards. The RSI, MACD and Stochastic indicators are bearishly configured.
Supports to the downside can be expected near 2,718.75 (April 17 high), 2,700.00 figure and 2,647.25 (March 2 low) but nothing shows that they should hold.
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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The pan-European Euro Stoxx 600 index was flat with different sectors and bourses pushing in different directions. Telecom stocks were the clear outperformer in morning trade, with Enel shares rising by 2.7 percent after announcing it was increasing its stake in its Chilean subsidiary.
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MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.25 percent, crawling away from a 19-month trough touched on Thursday.
• Japan’s Nikkei rebounded on Tuesday supported by short covering in index heavyweights, but retailers fell on worries about domestic personal consumption and slowing demand from China.
The Nikkei share average ended 1.3 percent higher at 22,549.24, after tumbling 1.8 percent on Monday to close at its lowest level since Aug. 21.
• China stocks reversed early gains to end lower on Tuesday, after data showed factory-gate inflation had cooled for a third straight month in September amid lean domestic demand, reflecting more pressure on the world’s second-biggest economy.
The blue-chip CSI300 index ended 0.8 weaker at 3,100.97 points, while the Shanghai Composite Index also closed 0.8 percent lower at 2,546.33 points.
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