S&P500 News: futures trade on the defensive below 3,080

• S&P futures retreat to the 3,080/75 area on Wednesday.
• S&P recorded fresh all-time intraday highs above 3,100 on Tuesday.
• Risk-off mood ahead of US CPI, Powell drive the sentiment so far.

The S&P500 advanced to fresh record highs just beyond the key 3,100 handle on Tuesday, just to recede somewhat later and close the day with decent gains around 3,091 pts.

S&P looks to risk trends, data, Powell

Today, market participants appear to be biased towards the risk-off sentiment following no real news from Trump’s speech on Tuesday at the Economic Club of New York. Indeed, Trump said nothing new yesterday, reiterating once again that a trade agreement is close but he failed to mention anything regarding tariffs or his meeting with Xi Jinping, somewhat disappointing traders.

Later today, the focus of attention remains on the US docket, where inflation figures for the month of October appear in centre stage ahead of the key testimony by Fed’s Powell before Congress.

So far, S&P futures point to a weak start amidst a generalized cautious stance from investors, declining US yields and renewed interest for the safe havens.

In the meantime, the next level up for the S&P500 will be 3,102.06 (all-time high Nov.12), while the 21-day SMA at 3,042.20 should offer interim contention ahead of the 3,028/22 band, where are located July and September peaks.