Jimmy Khan
May 17, 2022 10:21
June E-mini S&P 500 Index futures are trading at 4042.75, up 23.00 or +0.57%, at 18:33 GMT. The S&P 500 Trust ETF (SPY) is up $1.91, or 0.48 percent, to $403.70.
On Monday, top IT companies took another knock early in the day. Apple's stock dropped 1% after briefly falling into a bear market last week. Tesla's stock has plummeted 5%. Alphabet, the parent company of Google, saw its stock drop 1.6 percent. Apple was up 0.14 percent late in the afternoon, while Tesla and Alphabet pared their losses.
According to the daily swing chart, the major trend is down. The return of the decline will be signaled by a trade through 3855.00. The major trend will turn to up if 4303.00 is broken.
4303.00 to 3855.00 is the short-term range. The closest upward goal is the retracement zone around 4079.00 to 4132.00.
4509.00 to 3855.00 is the middle range. Its pivot or 50 percent level is 4182.00.
4327.50 to 4439.00 is the key retracement zone resistance.
May 16, 2022 10:53
May 17, 2022 10:29