S&P 500 Futures: Bears Look Aggressive
Satendra Singh | Apr 09, 2021 02:05AM ET
On analysis of the jolting moves of S&P 500, I find that despite a steep jump in S&P 500 futures were indicating weakness on Wednesday amid growing dilemma among the investors as the Minutes of the Fed's last policy meeting showed members felt the economy was still short of the target and were in no rush to scale back their $120 billion a month of bond buying.
Secondly, the Labor Department had reported that the initial jobless claims rose to 744,000 last week, disappointing hopes that they would resume their downward trend. Economists had predicted a number of around 680,000. The broadest measure of those claiming unemployment-related benefits, including two pandemic-related schemes inched down by 51,000 to 18.16 million.
Finally, I conclude that fresh bouts of selling could cap further upward moves above the recent high. There is no doubt that the S&P 500 futures could find it difficult to sustain above 4092. I find that the fresh shorts above 4082 could push S&P 500 futures towards a lower level up to this weekly closing.
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