The mood in the global stock market is slightly more gloomy at the start of this new week. The majority of Asian indices have fallen and the start of the NY session does not look very bullish either. US index futures are also trading slightly lower.
However, the US indices could experience a little more action from this week, with the start of the earnings season for the second quarter of 2022! As usual, the major US banks will be the first to publish their results. Reports from JPMorgan (Thursday), Morgan Stanley (Thursday) and Citigroup (Friday) are among the most important of the week. It should be noted that the performance of the banking sector can help assess the performance of the whole economy. Therefore, reports from major players on Wall Street can have a big impact on market sentiment.
The mood in the global stock market is slightly more gloomy at the start of this new week. The majority of Asian indices have fallen and the start of the European session does not look very bullish either. US index futures are also trading slightly lower.
Looking at the S&P 500 (US500) at the D1 interval, we can see that the recent upward correction has been halted at the resistance zone around the 3,900 pts mark, once again . This zone is further reinforced by the 23.6% retracement of the downward impulse triggered at the start of the year. A pullback can be observed today and if it continues, the first support to watch in the short term is in the area of 3,750 pts. On the other hand, if the buyers regain control and manage to break through the aforementioned 3,900 pts zone, the bullish movement could be prolonged. In such a scenario, the key medium-term resistance to watch can be found in the 4,175 pts area and is marked by the upper boundary of the Overbalance structure.
However, the US indices could experience a little more action from this week, with the start of the earnings season for the second quarter of 2022! As usual, the major US banks will be the first to publish their results. Reports from JPMorgan (Thursday), Morgan Stanley (Thursday) and Citigroup (Friday) are among the most important of the week. It should be noted that the performance of the banking sector can help assess the performance of the whole economy. Therefore, reports from major players on Wall Street can have a big impact on market sentiment.
The mood in the global stock market is slightly more gloomy at the start of this new week. The majority of Asian indices have fallen and the start of the European session does not look very bullish either. US index futures are also trading slightly lower.
Looking at the S&P 500 (US500) at the D1 interval, we can see that the recent upward correction has been halted at the resistance zone around the 3,900 pts mark, once again . This zone is further reinforced by the 23.6% retracement of the downward impulse triggered at the start of the year. A pullback can be observed today and if it continues, the first support to watch in the short term is in the area of 3,750 pts. On the other hand, if the buyers regain control and manage to break through the aforementioned 3,900 pts zone, the bullish movement could be prolonged. In such a scenario, the key medium-term resistance to watch can be found in the 4,175 pts area and is marked by the upper boundary of the Overbalance structure.