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

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.

GBP/USD holds range near 1.3500 after UK Q2 GDP

GBP/USD keeps its range near the 1.3500 psychological mark in the European session on Thursday. The mixed UK GDP and industrial data failed to inspire the British Pound. Meanwhile, the US Dollar stabilizes after the US CPI data-led sell-off, checking any upside attempts in the pair.

EUR/USD flatlines above 1.1500 as US Dollar stablizes ahead of PPI

EUR/USD is trading modestly flat above 1.1500 in European trading hours on Thursday. The pair stalls its rebound as the US Dollar consolidates losses incurred after the release of July's Consumer Price Index report. Inflation in the US moderated across a broad range of goods and services, cooling expectations for an aggressive Federal Reserve rate hike in September and weighing on the Greenback. The US PPI data is next in focus.

Gold weakens further below $4,400 as USD sticks to gains amid Fed bets, Iran tensions

Gold extends its intraday retracement slide from the highest level since June 5, around the $4,450 area touched earlier this Thursday, and slides further below the $4,400 mark heading into the European session. The initial market reaction to signs of moderating US inflation fades quickly as investors remain worried that higher energy prices will rekindle inflationary pressures.

XRP holds at make-or-break level, ADA and SOL risk 50-day EMA breakout

Top altcoins, including Ripple, Cardano, and Solana, are facing downside pressure, holding at crucial support levels. The technical outlook for XRP, ADA, and SOL indicates a mild bearish bias as downside pressure mounts.

Gold has priced a Fed pause. The hike is still coming

July inflation landed exactly where the consensus had it, on all four lines of the release, and Gold responded by adding around 1% and holding fast near $4,400/ounce, trading at its highest since early June. A print that surprises nobody is not supposed to move a metal that far.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.