S&P 500 and Dow Jones Mixed as ASX 200 Eyes Near-Term Downside
Wall Street futures remain choppy despite fresh highs, while ASX 200 slips towards support as bulls prepare for a potential swing low.
Share this:
S&P 500 and Nasdaq 100 futures reached new record highs on Monday, although trading conditions remain choppy and both indices gave back much of their early-week gains. Wall Street futures gapped higher at the open following news of a US-EU trade deal, but sentiment around the agreement is mixed. France criticised the 15% tariffs as a “submission,” while other member states view the deal as better than no deal—albeit far from ideal.
View related analysis:
View related analysis:
Wall Street Futures Mixed After Highs, ASX 200 Nearing Key Support
- S&P 500 futures are holding above 6400, though a 2-bar bearish reversal pattern (dark cloud cover) has formed on the daily chart.
- Nasdaq 100 futures printed a small shooting star candle, and with prices extended above the 10-day EMA, a minor pullback could be due.
- Dow Jones futures are struggling to gain traction above the July high and show the potential to dip back below 45,000 in the near term. Bearish divergence has also formed on the daily RSI (14).
Chart analysis by Matt Simpson, Source: TradingView, CME Futures, S&P 500 E-mini Futures, NASDAQ 100 E-mini Futures, Dow Jones E-mini Futures
ASX 200 Futures (SPI 200) Technical Analysis
Last week I outlined my bias for the ASX 200 to retreat lower before continuing its move towards 9,000. Prices have indeed been grinding lower and may well move towards the high-volume node (HVN) at 8,537 before a low is found. For now, the ASX 200 is holding above the December high, so we should also be on guard for a swing low to form soon, given its bullish trend structure on the daily chart.
A double bottom has formed on the 1-hour chart around the December high, leaving the potential for a bounce in todays session. Though Monday’s relatively long, bearish inside day suggest bears remain in control and a move towards the HVN (8535) remain on the cards. At which point, ASX bulls could reconsider its potential for a swing low to form on the daily chart.
Chart analysis by Matt Simpson - Source: TradingView, ASX SPI 200 Index Futures, S&P/ASX 200 Index
Key Economic Events for Traders (AEST / GMT+10)
13:35 JPY 2-Year JGB Auction (USD/JPY, EUR/JPY, AUD/JPY, Nikkei 225)
16:00 SEK GDP (Jun/Q2) (EUR/SEK, USD/SEK, GBP/SEK)
16:00 NOK Core Retail Sales (Jun) (EUR/NOK, USD/NOK, NOK/SEK)
17:00 EUR Spanish GDP (Q2), Retail Sales (YoY) (Jun) (EUR/USD, EUR/JPY, EUR/GBP, IBEX)
18:00 EUR Italian Trade Balance Non-EU (Jun) (EUR/USD, EUR/JPY, EUR/CHF)
18:30 GBP BoE Consumer Credit, M3, M4, Mortgage Lending, Approvals, Net Lending to Individuals (Jun) (GBP/USD, EUR/GBP, GBP/JPY, FTSE 100)
19:30 EUR German 5-Year Bobl Auction (EUR/USD, EUR/GBP, EUR/JPY)
20:00 EUR France Jobseekers Total (Jun) (EUR/USD, EUR/JPY, EUR/GBP)
22:00 EUR Spanish Consumer Confidence (Jun) (EUR/USD, EUR/JPY, EUR/CHF)
22:30 USD Goods Trade Balance, Retail Inventories ex Auto, Wholesale Inventories(Jun) (EUR/USD, USD/JPY, GBP/USD, S&P 500)
22:55 USD Redbook (EUR/USD, USD/JPY, AUD/USD, S&P 500)
23:00 USD House Price Index, S&P/CS HPI Composite 20 s.a./n.s.a. (May) (USD/JPY, GBP/USD, EUR/USD, S&P 500)
00:00 USD CB Consumer Confidence (Jul), JOLTS Job Openings (Jun) (USD/JPY, EUR/USD, USD/CAD, S&P 500)
00:30 USD Dallas Fed Services Revenues, Texas Services Sector Outlook (Jul) (USD/JPY, USD/CAD, EUR/USD, S&P 500)
01:30 USD Atlanta Fed GDPNow (USD/JPY, EUR/USD, AUD/USD, S&P 500)
02:00 USD 7-Year Note Auction (USD/JPY, EUR/USD, GBP/USD, Treasury Markets)
View the full economic calendar
View the full economic calendar
-- Written by Matt Simpson
Follow Matt on Twitter @cLeverEdge
How to trade with City Index
You can trade with City Index by following these four easy steps:
- Open an account, or log in if you’re already a customer
• Open an account in the UK
• Open an account in Australia
• Open an account in Singapore
- Search for the market you want to trade in our award-winning platform
- Choose your position and size, and your stop and limit levels
- Place the trade
Related tags:
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Magnificent Seven Earnings Preview: Is the AI Boom Facing Its Biggest Test Yet?
After a wobble in the broader AI trade, the Magnificent Seven" stocks are reporting earnings in the coming week - see the key themes and Nasdaq 100 levels to watch!
Nasdaq 100 forecast: Tech stocks not out of woods yet
US index futures pushed higher in the first half of Friday’s session, taking cues from a strong performance from European equities. Both European and US equity futures extending yesterday’s impressive recovery after the sharp sell-off earlier in the week. But the lingering concerns around the AI investment cycle remain, while bond markets were easing lower again, lifting yields.
ASX 200 Outlook: A Rates Trade Disguised as a Stock Market?
Australian bond futures have exhibited a far stronger relationship with the ASX 200 than Wall Street over recent months. Now both markets are displaying remarkably similar price structures.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.