Blink and you missed a post-Federal Reserve bounce, as stock futures signal a reboot for Wall Street selling on Thursday.
For the S&P 500 SPX, +0.22%, he sees important resistance above 3,837 at 3,900, while a move to under 3,875 opens the door to test 3,705 in the short run. “Reasons to buy dips are threefold. First, defensive sectors like utilities are likely to outperform as equity markets enter a volatile stretch into end of Q2. Second, U.S. Treasury yields are showing evidence that a cyclical peak could be near ,” Newton said.
He says steer clear of laggards such as American Water Works AWK, +0.73%, AES AES, +1.64%, NextEra Energy NEE, -0.08%, Pinnacle West PNW, -2.31%, FirstEnergy FE, -1.16%, all having broken to at least fresh six-month lows and new annual lows for some and likely to lose more. The buzz Shock and awe from the world’s central banks continues, with the Fed hike followed by a surprise 50 basis-point Swiss National Bank rate rise that is sending the franc USDCHF, -0.05% sharply higher. The Bank of England raised rates 25 basis points to a 13-year high.
Probably bets long but data is data. Flow is flow. Lower is lower in all.
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