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Monday's Market Minute: Quad Witching Hexes Markets

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Monday's Market Minute: Quad Witching Hexes Markets

Equity index futures looked ready to regain some lost ground from Quadruple Witching Friday’s sell-off at yesterday evening’s open, but this morning tells a different tale.

S&P 500 futures are now little changed from Friday’s close, failing to hold above the 3,000 price level and putting the support level near 2,980 back in play. Elsewhere, bulls will be looking for Dow futures to stay above 26,800 and Nasdaq futures to hang on to the 7,800 level. Russell futures could be a downside harbinger, as they have already slipped below the frequent support price of 1,560 in premarket trading. WTI Crude Oil futures are also failing at support at 58, retreating back below the upper level of the previous trading range after an upside breakout due to a drone attack on Saudi Arabian oil facilities last week.

In terms of potential catalysts, economic data for this week could help propel markets into a breakout either way: New Home Sales on Wednesday; GDP, International Trade in Goods, and Jobless Claims on Thursday; and finally Durable Goods and Personal Income & Outlays on Friday. That being said, Trade War news or any of the other prominent headline risk factors could once more throw markets into upheaval.

Information from TDA is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade.Image Sourced from Pixabay

Posted-In: New Frontier Data quad witchNews Markets General Best of Benzinga

 

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