US Index Futures Turn Red After 9 Days of Consecutive Gains

From Investing.com: 2025-05-05 04:35:00

Global markets saw notable moves during the Asian session despite market closures in Hong Kong, Japan, and China for public holidays. US stock index futures opened weaker following a nine-day winning streak, with the S&P 500 and Nasdaq E-mini futures down 0.7% intraday. The US dollar weakened after failing to break above its 20-day moving average, possibly due to concerns that Japan may dump some of its massive US Treasury holdings. The US dollar declined against major currencies, and oil prices gapped down by 5% due to increased supply from the Middle East and trade tariff uncertainty. OPEC+ has decided to increase production by more than 400,000 barrels a day from June.

The Nasdaq 100 CFD Index is showing signs of a potential bearish reversal at the 200-day moving average, with an “Ascending Wedge” pattern indicating a possible rollover in the ongoing rally. The price movement hit the upper limit of the pattern and a bearish divergence condition on the hourly RSI momentum indicator. Key resistance and support levels to watch are 20,250/20,390 and 19,600, respectively. A break below support could lead to further weakness, while a clearance above resistance may invalidate the bearish scenario.



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