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S&P 500 Futures struggle to regain 3,400 amid mixed clues for Trump’s health

Palmer
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  • S&P 500 Futures consolidate the previous day’s gains around three-week high.
  • US President Trump leaves hospital feeling “20-years younger” but concerns about breathing capacity probe earlier market optimism.
  • RBA, Aussie budget to dominate Asian calendar, Fed Chair Powell’s speech, Trump’s COVID-19 update will be the key afterward.

S&P 500 Futures seesaw around 3,390, down 0.07% intraday, during Tuesday’s Asian session. In doing so, the risk barometer part ways from Monday’s upbeat performance that probed the mid-September highs.

Although US President Donald Trump’s departure from the Walter Reed, followed by few tweets from the Republican leader, initially kept the risk-on mood, a recent video from the American leader showed that he is struggling while breathing. Also strengthening doubts over Trump’s health was the recent confirmation from the White House that he will be under 24-hour care and anybody nearing the President will need to wear the PPE kit.

Earlier in the day, the White House blocked the US Food and Drug Administration’s (FDA) stricter guidelines that could have stopped the coronavirus (COVID-19) vaccine from rolling out before the presidential election.

Elsewhere, odds of the soft Brexit are on the hike while US House Speaker Nancy Pelosi and the Treasury Secretary Steve Mnuchin keep struggling to even start the stimulus talks.

Not only the S&P 500 Futures but risk catalysts from Asia-Pacific, like Nikkei 225 and Australia’s ASX 200, also flash mixed signals and probe the market bulls.

Moving on, RBA and Aussie budget will be crucial to watch during Asia while Fed Chairman Jerome Powell’s speech and updates concerning US President Trump will keep the driver’s seat.

Reprinted from FXStreet，the copyright all reserved by the original author.

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Ranefxx
technically, the US benchmark S&P 500 index could be gearing up to climb back towards the record high set on September 2 (3587), after price sliced through resistance at the 50-day moving average
Vanttrading
true, S&P 500 index futures at risk of further losses as price struggles to breach key resistance.
Mary Grace
The S&P 500 has successfully held support from the ‘neckline’ to its base at 3327/23, as well as its rising 13 and 63-day averages and the market has gapped higher for a break above resistance at 3379/81.

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