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The US stock indices futures dropped as investors started to think about whether the global economic growth would withstand the Chinese GDP slowdown amid the global energy crisis.
The S&P500 index has closed the morning gap and remains unchanged after rising at the end of the previous week. The Nasdaq 100 index futures fell by 0.4%. Treasury yields rose as traders are preparing for the Federal Reserve's speeches this week.
The Chinese Evergrande's debt crisis is still causing concerns among investors. The crisis may become more severe after releasing the data on economic growth. By the end of the year, the accelerating energy crisis may threaten global economic growth even more. The future of the stock market does not seem to be bright because the Fed intends to dismiss the economic stimulus measures in November. Retail traders are most likely to stay away from the market as there is a risk of its 3-5% drop.
This week promises turbulent market trends and a high volatility. Traders will be keeping a close eye on the speeches by central bank governors, including Chairman Jerome Powell's address to Congress. It is likely that his future career as chairman of the Federal Reserve will depend on it. President Joe Biden has not yet made a decision on this issue and who he will support remains a mystery to many. Although White House expects Powell to retain his current position.
The 10-year Treasury bond yield, as noted above, rose to 1.49%, which is the highest level since June 29, 2021. Jerome Powell is expected to join Treasury Secretary Janet Yellen during a speech regarding the new Treasury and Federal Reserve oversight bill.
The UK faces an energy crisis. Prime Minister Boris Johnson is considering bringing in army drivers with trucks to solve the crisis in the supply chain, as many filling stations in the country are experiencing problems with fuel available for consumption. Rumors of a sharp fuel price hike have started a panic among motorists that has depleted local supplies very quickly, which no one expected. The UK government also decided to temporarily suspend the current competition rule and allow companies to coordinate fuel supplies in the most affected regions.
As for the technical side of the S&P500 index, traders managed to protect the support at 4,425, which was their main goal. They targeted a major resistance at 4,488, which they did not reach with a little range left. The trades are still in the middle of this channel, and considering the news and the fundamental background, it is possible that the pressure on the trading instrument will return. Optimal scenario for buying will be the lower boundary of the channel 4,425, below which the bulls' last hope is the middle boundary of the Bollinger indicator, which is around 4,400 on the 4-hour chart. Only breaking through the resistance at 4,488 along with the statements of the Fed representatives not to "buckle up" this November may bring a higher upward trend of the index to the high located at 4,529, and then to test the year's high levels near 4,551.
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