S&P 500: Initial decline of 0.5%.

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02/08/2019 | 03:38 pm
Analysis of 08/02/2019 Opinion: Negative under 2740 PTS Course objective: 2689 PTS

As in Europe, New York suffered some profit taking in the latest sessio, caught up by fears of a global economic slowdown and questions about the progress of trade negotiations between China and the United States. A meeting between Donald Trump and Xi Jinping seems unlikely before the fateful date of March 1st, rekindling fears of difficult talks.

The S&P500 index ended down 0.94% to 2709 points, also impacted by the decline in oil and some poor corporate results (Twitter -9.8%).

The US index should end the week on a bearish note, as suggested by futures contracts currently at -0.5%.

On the statistical side, no publication is expected today.

In hourly data, the S&P500 index shows some signs of slowing down, after having recently reached the 2740-point zone. In the short term, the dynamic is not yet deteriorated but the decline of 2689 points would militate for the beginning of a stronger consolidation towards 2674 points then 2648 points.

Laurent Polsinelli
MarketScreener.com 2019
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