- S&P futures advance marginally to the 3,090 area.
- The index corrected lower on Monday.
- Trump’s speech prompts caution among traders.
After three consecutive daily advances, including a move to all-time highs just below the 3,100 handle on Thursday, the S&P500 closed on Monday with moderate losses in sub-3,090 region.
Attention shifted to Trump and trade
Today, the S&P500 futures have regained some traction and point to a positive open, although the cautious tone among market participants remains well in place ahead of the key speech by President Trump at the Economic Club in New York later in the session.
Indeed, investor will be scrutinizing Trump’s speech looking for any clue regarding the ongoing negotiations around the ‘Phase One’ deal and the decision on the potential roll over of some existing tariffs.
In the meantime, the next level up for the S&P500 will be 3,097.80 (all-time high Nov.7), while the 10-day SMA at 3,068.30 should offer interim contention ahead of the 3,028/22 band, where are located July and September peaks.
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