• US stocks jumped following a US bank holiday, up between 1.78% and 3.07%.
  • The Nasdaq Composite leads the pack, followed by the S&P 500 and the Dow Jones.
  • US Treasury yields edge up while the US Dollar Index drops.

US stocks are opening with hefty gains, following a dismal week, which dragged the SP 500 officially to a bear market after plunging more than 20% from all-time-highs, but as North American traders returned from a long weekend, US equities depict an upbeat market mood.

The S&P 500 is gaining some 2.51%, trading at 3,766.49, while the tech-heavy Nasdaq Composite (NDQ) is back above the 11,000 threshold, rallying 3.07%, at 11,130.10. The laggard in the session, but jumping more than 500 points, is the Dow Jones Industrial Average (DJIA), up 1.78%, advancing to 30,419.48.

In the meantime, the US Dollar Index extends its losses in the week and sits around 104.290, down by 0.11%. US Treasury yields remain elevated, and the US 10-year note yields 3.288%, up by two basis points.

Fundamentally nothing has changed, and some financial analysts perceive the rally as a “death cat bounce.” Last Wednesday, the US Federal Reserve hiked 75 bps rates, the biggest move since 1994, and Fed’s Chief Powell said that although those moves would not be “common,” he stated that in July, another 75 bps might be on the table.

Sector-wise, the leading gainers are Energy, up 4.85%, followed by Consumer Discretionary and Technology, each recording gains of 3.42% and 2.91%, respectively. The laggards but also positive in the day are Utilities, Consumer Staples, and Materials,  up by 1.27%, 1.40%, and 1.60% each.

In the commodities complex, the US crude oil benchmark, WTI, grinds higher by 2.69%, trading at $110.88 BPD. At the same time, precious metals like gold (XAU/USD) followed suit, edging higher 0.29%, exchanging hands at $1845.65 a troy ounce.

SP 500 Chart

Key Technical Levels

SP 500

Overview
Today last price 3763.95
Today Daily Change 51.06
Today Daily Change % 1.38
Today daily open 3712.89
 
Trends
Daily SMA20 3973.19
Daily SMA50 4093.41
Daily SMA100 4257.02
Daily SMA200 4415.14
 
Levels
Previous Daily High 3720.61
Previous Daily Low 3680.14
Previous Weekly High 3852.15
Previous Weekly Low 3636.65
Previous Monthly High 4305.91
Previous Monthly Low 3809.41
Daily Fibonacci 38.2% 3705.15
Daily Fibonacci 61.8% 3695.6
Daily Pivot Point S1 3688.48
Daily Pivot Point S2 3664.08
Daily Pivot Point S3 3648.01
Daily Pivot Point R1 3728.95
Daily Pivot Point R2 3745.02
Daily Pivot Point R3 3769.42

 

 

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