S&P 500 Forecast: SPX likely to slide small in shortened trading day

United States stock market reopens after Thanksgiving with equities slowly sliding.
Apple faces more challenges from Foxconn factories in China.
Microsoft's deal for Activision Blizzard also likely to weigh on the tech sector.

Ivan Brian FXStreet

Welcome back after the Thanksgiving feast but do not expect much action on US stock markets. European markets were very quiet and it looks like more of the same on Friday for the S&P 500 to close out the week. Little data of note and only Oil price may get some catalyst later from the European Union meeting to again discuss the price cap on Russian Oil.

S&P 500 news: Limited trading on Black Friday

The United States stock market reopens after its Thanksgiving feast as shoppers rush to Black Friday discounts. That will see reports early next week on the strength of the shopping season and possibly confirm recent trends from retailers who are holding up well.

The news on Apple (AAPL) remains in flux as reports from the Foxconn plant in China continue to worsen. The tech sector could also be hit by Microsoft (MSFT) as its deal for Activision Blizzard (ATVI) looks likely to face more competition scrutiny. Overall, Friday could be set for a small move lower on the back of some profit-taking ahead of the weekend. Equity markets, including the S&P 500, close early at 18.00 GMT (13 EST).

SPX forecast: Bear-market rally scenario intact

Technically, the S&P 500 rally remains in place and bulls are firmly in charge. 4,028 is the intraday resistance pivot, the weekly high. Below, and we are likely to slide to 3,946. That is the medium-term pivot for the move to continue.

S&P 500 (SPX) stock market daily chart shows bear-market rally

SPX daily chart

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

EUR/USD: Bears retain control below 1.1780-1.1770 confluence breakpoint

The EUR/USD pair remains on the back foot through the Asian session on Friday and currently trades just above mid-1.1700s, well within striking distance of a nearly one-month low set the previous day.

GBP/USD seems vulnerable near one-month low vs. USD as traders await US data

The GBP/USD pair prolongs its weekly downtrend for the fifth consecutive day on Friday and slides back closer to a nearly one-month low, touched the previous day. Spot prices trade below mid-1.3400s during the Asian session on Friday and seem vulnerable to slide further as traders now look to important US macro data for a fresh impetus.

Gold eyes next breakout on US GDP, PCE inflation data

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Bitcoin, Ethereum and Ripple remain range-bound as breakdown risks rise

Bitcoin, Ethereum, and Ripple are trading sideways within consolidation ranges on Friday, signaling a lack of directional bias in the broader crypto market. BTC rebounded from key support, and ETH is nearing the lower consolidation boundary, while XRP is holding at its lower trendline boundary.

Hawkish Fed minutes and a market finding its footing

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Injective token surges over 13% following the approval of the mainnet upgrade proposal

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