US equity index futures red: Nasdaq 100 down >1%
Euro STOXX 600 index falls >1.5%
Dollar, crude, bitcoin gain; gold rallies >1%
US 10-Year Treasury yield falls to ~4.21%
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S&P 500 INDEX MID-MARCH LOWS AT RISK
U.S. equity index futures are tumbling on Monday as investors are avoiding risky assets on fears that the Trump administration's sweeping tariff plans set to be unveiled this week will hurt the global economy.
E-mini S&P 500 futures EScv1 are off about 50 points, or around 0.9%. The futures have taken out their March 13 intraday trough, and hit their lowest level since August 13, 2024.
Given this weakness, the S&P 500 index .SPX, which ended Friday at 5,580.94, looks to slide at the open, and may threaten several Fibonacci retracement levels in the 5,520.65-5,512.02 area, as well as its March 13 close and intraday low at 5,521.52 and 5,504.65:
In the event this support gives way, there is a another significant level not far below the mid-March trough which will offer potential for another reversal.
The upper boundary of the weekly Ichimoku Cloud now resides around 5,485.
Ichimoku Cloud is a technical indicator which displays support and resistance, identifies trends, and measures momentum. Utilizing midpoints of ranges, a number of lines are generated. Two of these lines are used to create Cloud boundaries. The entire cloud is shifted forward in time in order to provide a glimpse of future support and resistance.
The SPX has not been below the Cloud's top since late-May 2023, thus bulls will look for the SPX to stabilize and rally if this support is threatened.
On a rally off support, resistance will be in the 5,597.76-5,603.10 area. The 233-day moving average will be around 5,676 on Monday.
In the event the SPX were to fall back inside the cloud, including on a weekly closing basis, the next support would be at the September 2024 lows in the 5,406.96-5,402.62 area followed by additional Fibonacci retracements in the 5,366.76-5,339.39 area.
(Terence Gabriel)
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FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
DON'T BUY THE WALL STREET DIP - CITI - CLICK HERE
TRUMP THREAT ON RUSSIA OIL CANNOT BE DISMISSED - UBS CIO - CLICK HERE
HAVEN HUNT - CLICK HERE
AUTO STOCKS: TARIFF RISKS 'NOT FULLY PRICED IN' - CLICK HERE
STOXX SLIDES 1%, MINERS AND AUTOS DRAG - CLICK HERE
EUROPE BEFORE THE BELL: FUTURES SIGNAL PAIN AHEAD - CLICK HERE
RISK ASSETS TRAMPLED AS TRUMP TOUTS TARIFFS FOR ALL - CLICK HERE
SPX03312025 https://tmsnrt.rs/3XH6yHE
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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