MTS Futures News_PM_20180807

MTS News

MTS Futures News_PM_20180807

7 Aug 2018

• S&P 500 Price Forecast – S&P 500 challenging significant resistance

The S&P 500 has been very volatile during trading on Monday, reaching towards the 2850 level, an area that was recent highs. If we can break above there, then the market will be free to go much higher. However, if we fail at here I think you can count on some type of pullback that value hunters will be looking at. That being the case, I believe that the market is one that will be very choppy and volatile, but if you wait for a break above the 2850 level, the market then goes to the 2280 level next, and then eventually the 2900 level.

• European stocks opened slightly higher Tuesday morning, as investors monitored simmering global trade tensions and the latest batch of corporate earnings.

The pan-European Stoxx 600 was up around 0.2 percent shortly after the opening bell, with most sectors and major bourses in positive territory.

• A rebound in battered Chinese stock markets on Monday helped lift Asian equities, which also drew support from earnings-led gains on Wall Street in a welcome relief for investors grappling with an intensifying Sino-U.S. trade conflict.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.35 percent.

The Shanghai Composite Index rose 1.4 percent as investors snapped up shares that were hit hard during a four-day losing run.

• Japan’s Nikkei share average gained on Tuesday after index-heavyweight SoftBank jumped on the back of strong first-quarter results, while a rebound in Chinese shares also helped overall sentiment.

SoftBank Group Corp surged 6.5 percent to a nine-month high after it reported a 49 percent jump in quarterly profit, boosted by the sale of its stake in Indian e-commerce giant Flipkart in the first public divestment by its massive Vision Fund.

The Nikkei ended up 0.7 percent to 22,662.74.


Reference: Reuters, CNBC

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