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US STOCKS: Heavy Declines At Support Levels Crumble

US STOCKS
USEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
  • The S&P 500 e-mini (ESH5) has continued to slide well after Powell's press conference has concluded, recently pushing to 5911.5 for a ~230 point decline futures on the back of surprisingly hawkish Fed projections.
  • It erases post US presidential election gains.
  • It briefly saw an almost 40 point recovery from the 5940 mark, aided as the surge in Treasury yields slowed having hit 4.40% for 5Y yields and 4.50% for 10Y yields, but the recovery has proved short-lived.
  • The post-FOMC slide has seen it tumble through multiple support levels at 6105.41 (20-day EMA), 6043.0 (Nov 26 low), 6014.78 (50-day EMA), 5970.24 (Nov 21 low) and now 5921.00 (Nov 19 low)
  • E-mini comparison: S&P 500 -3.5%, Nasdaq 100 -4.4%, Dow Jones -2.9%, Russell 2000 -4.9%
  • Some heavy losses for megacaps, most notably Tesla (-10%) but also Amazon (-4.6%), Alphabet (-3.8%), Meta (-3.3%) and Microsoft (-3.4%). Apple (-2.1%) and Nvidia (-1.1%) round out the “magnificent seven”.
Source: Bloomberg
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  • The S&P 500 e-mini (ESH5) has continued to slide well after Powell's press conference has concluded, recently pushing to 5911.5 for a ~230 point decline futures on the back of surprisingly hawkish Fed projections.
  • It erases post US presidential election gains.
  • It briefly saw an almost 40 point recovery from the 5940 mark, aided as the surge in Treasury yields slowed having hit 4.40% for 5Y yields and 4.50% for 10Y yields, but the recovery has proved short-lived.
  • The post-FOMC slide has seen it tumble through multiple support levels at 6105.41 (20-day EMA), 6043.0 (Nov 26 low), 6014.78 (50-day EMA), 5970.24 (Nov 21 low) and now 5921.00 (Nov 19 low)
  • E-mini comparison: S&P 500 -3.5%, Nasdaq 100 -4.4%, Dow Jones -2.9%, Russell 2000 -4.9%
  • Some heavy losses for megacaps, most notably Tesla (-10%) but also Amazon (-4.6%), Alphabet (-3.8%), Meta (-3.3%) and Microsoft (-3.4%). Apple (-2.1%) and Nvidia (-1.1%) round out the “magnificent seven”.
Source: Bloomberg