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14 Jan 2015
S&P 500 threatens to fall below 2000 levels
FXStreet (Mumbai) - The S&P 500 index in the US is flirting dangerously with 2000 levels after having opened at 1998.40 levels following a dismal US advance retail sales data.
The index currently trades 1.05% lower at 2001.70 levels, compared to the previous session’s close at 2023.04 levels. The index breadth is negative with an advance-decline ratio of 45:406. The metal stocks are taking a beating owing to the sharp fall in commodity prices witnessed earlier today. Freeport-McMoran is down 9.76%, followed by a 4.97% fall in Alco. On the other hand, Games Stop Corp. is up 12.53%, followed by a 3.96% gain in shares in Linear.
The weak retail sales data coupled with the bearish global growth forecasts published by the World Bank earlier today have pushed stock prices lower across the board in the Us. Other major Indices – DJIA and NASDAQ- have weakened 1.3% and 0.65% respectively.
S&P 500 Technical Levels
The immediate resistance is seen at 2007.11 (100-DMA), above which gains could be extended to 2023.04 levels. Meanwhile, support is seen at 1192.44 (Jan. 6th low) and 1977.84 (Oct. 6th high).
The index currently trades 1.05% lower at 2001.70 levels, compared to the previous session’s close at 2023.04 levels. The index breadth is negative with an advance-decline ratio of 45:406. The metal stocks are taking a beating owing to the sharp fall in commodity prices witnessed earlier today. Freeport-McMoran is down 9.76%, followed by a 4.97% fall in Alco. On the other hand, Games Stop Corp. is up 12.53%, followed by a 3.96% gain in shares in Linear.
The weak retail sales data coupled with the bearish global growth forecasts published by the World Bank earlier today have pushed stock prices lower across the board in the Us. Other major Indices – DJIA and NASDAQ- have weakened 1.3% and 0.65% respectively.
S&P 500 Technical Levels
The immediate resistance is seen at 2007.11 (100-DMA), above which gains could be extended to 2023.04 levels. Meanwhile, support is seen at 1192.44 (Jan. 6th low) and 1977.84 (Oct. 6th high).