First Test for S&P 500 to Resume Uptrend as US Stocks Retreat
Last week, sentiment in the financial markets improved following Monday's sell-off, with S&P 500 rebounding by 100 points.
Last week, sentiment in the financial markets improved following Monday’s sell-off, which provided a boost to stock markets. The S&P 500 rebounded by 100 points, successfully closing the bearish gap. However, today the markets struggled to maintain this bullish momentum, even though European stock markets managed to close the day with gains.
S&P 500 H4 Chart – Are MAs Turning from Support Into Resistance?
As London and European traders wrapped up their sessions, risk sentiment shifted back to the downside, as reflected in the price action of safe-haven currencies like CHF and JPY. The S&P 500 is now trading in negative territory, down by 9 points or 0.1%. U.S. yields have also declined, reaching their lowest levels of the day.
The flight to safety is being driven by growing concerns about a potential conflict between Israel and Iran. Additionally, the New York Fed’s consumer survey showed a significant drop in three-year inflation expectations, down by 0.6% to 2.3%, marking the lowest level since the survey began in 2013.
U.S. Treasury yields are declining and have reached their lowest levels of the day:
- 2-year yield: 4.23%, down 3.7 basis points
- 5-year yield: 3.87%, down 4.7 basis points
- 10-year yield: 4.05%, down 3.8 basis points
- 30-year yield: 4.23%, down 3.5 basis points.
S&P 500 Live Chart
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