US stock future indexes are fractionally lower (SPY -0.2%), putting the market on track to extend yesterday's decline, as investors stay cautious ahead of big economic releases later this week. Global equity markets has started the new month on the back foot today, undermined by lackluster economic data and an oil price slide that took the edge off energy and mining shares.
Here is the current market situation from CNN Money
Closes above April's high crossing at 2105.00 would open the door for a possible test of weekly resistance crossing at 2110.00. Closes below the 20-day moving average crossing at 2062.55 would confirm that a short-term top has been posted.
First resistance is Tuesday's high crossing at 2103.60. Second resistance is April's high crossing at 2105.00. First support is the 20-day moving average crossing at 2062.55. Second support is May's low crossing at 2022.50.
The June NASDAQ 100 was lower due to light profit taking overnight as investors stayed cautious ahead of big economic releases later this week. Reports are due on monthly car sales, manufacturing and construction spending, and accessories sellers Michael Kors Holdings Ltd. And Vera Bradley Inc. are expected to post earnings before the open. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term.
If June extends the aforementioned rally, April's high crossing at 4584.50 is the next upside target. Closes below the 20-day moving average crossing at 4384.79 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 4537.50. Second resistance is April's high crossing at 4584.50. First support is the 10-day moving average crossing at 4432.38. Second support is the 20-day moving average crossing at 4384.79.
The June S&P 500 was lower due to profit taking overnight as it consolidates some of the rally off May's low. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a double top with April's high might be forming.
LONDON (Reuters) - Global equity markets started the new month on the back foot on Wednesday, undermined by lackluster economic data and an oil price slide that took the edge off energy and mining shares.
WILMINGTON, Del (Reuters) - Michael Dell and Silver Lake Partners underpriced their 2013 $24.9 billion buyout of Dell Inc by about 22 percent and may have to pay tens of millions to investors who opposed the deal for the computer maker, a Delaware judge ruled on Tuesday.
WASHINGTON (Reuters) - Four automakers confirmed they are selling some new vehicles with defective Takata airbags that will eventually have to be recalled, U.S. Senate Commerce Committee Democrats said in a report Wednesday.
BEIJING (Reuters) - China's biggest banks are beefing up their risk management and compliance programs, following a series of high-profile judicial investigations and regulatory probes in the United States and Europe.
LONDON/BEIJING (Reuters) - Global manufacturing activity remained stuck in a rut last month with factory output from Asia to Europe barely improving as producers struggled to bring in new orders, surveys released on Wednesday showed.
TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe announced on Wednesday his widely expected decision to delay a scheduled sales tax increase by two-and-a-half years, putting his plans for fiscal reforms on the back burner due to growing signs of weakness in the economy.
VIENNA (Reuters) - Gulf OPEC members including Saudi Arabia are looking to revive the idea of coordinated oil-output action by major producers when the group meets on Thursday, a senior OPEC source said, but Iran signaled the country was not ready for any such pact.
(Reuters) - SoftBank Group Corp said it will sell at least $7.9 billion of shares in Alibaba Group Holding Ltd - a move that will cut the Japanese firm's debt amid worries about losses at its U.S. telecoms unit Sprint Corp.
HONG KONG (Reuters) - Regulators in Hong Kong and Singapore have asked banks doing business there to disclose if they have dealings with entities and individuals named in the leaked 'Panama Papers', which contained details on thousands of shell firms, people familiar with the requests said.
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