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Wall Street Eyes Flat Open, On Watch for Fed Announcement

EQUITIES
  • US futures are mixed-to-lower, but point to a generally flat open for the major three indices. The outlook for the e-mini S&P remains bullish and futures remain above recent lows. Another all-time high print on Nov 5 confirmed a resumption of the uptrend and the focus is on 4717.00 next, a Fibonacci projection. Trend signals such as moving average studies are in a bull mode set-up, reinforcing current conditions and market sentiment.
  • European markets are more mixed, with UK firms lagging to drag the FTSE-100 lower by 0.4% or so. The EuroStoxx50 is making minor gains of 0.1% - with similar price action across French and German stocks.
  • UK indices are underperforming somewhat on the lagging energy sector - with oil prices rolling off recent highs as markets eye speculation that the US and China could co-ordinate possible action against high energy and fuel prices.
  • Markets remain on watch for a possible statement from the White House on the next chair of the Federal Reserve. Reports late yesterday suggested Biden would make a decision within the next four days on Fed leadership beyond February next year.
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