NY Open: Twenty pounds of headlines
Markets started the day in a confusion of incoming news as ECB chatter met with trade talk updates and US macro data. EURUSD took it on the chin and dropped from 1.1270 to 1.1235.
Technical Analyst, Saxo Bank
Summary: A technical look at the S&P 500 index charts as well as the Futures market heading into today's New York bell.
Short-term and intraday
We see an interesting symmetrical triangle pattern on the Future/CFD US500.I intraday (one-hour) chart, so watch this for a potential breakout.
If it breaks to the upside, it could place 2,793 in view, while a downside break could clear a path to a new test of 2,700.
Daily chart: Bearish RSI divergence has been unwound by a close below 40; now we could potentially wait for bullish divergence. However, often we see a rebound and turn in the stock market without bullish divergence since the market is per its nature biased long. Bearish divergences will always result in a correction/downturn, which we also witnessed last week.