The S&P 500 is trading up 0.41% pre-market. German stocks have started the week on a very optimistic footing. The IHS Markit PMI was released this morning and came in stronger than expected. The PMI Composit showed more than the expected 53.3, at 55.1. Expectations of a government being formed in Spain also supported stocks. The DAX gained 0.9%, lead by financial stocks. Commerzbank rises 2.81% and Deutsche Bank is up 2.44%. Main focus in UD markets is the possible takeover of Time Warner by AT&T. The transaction would be worth 85 billion USD, however this transaction needs to be ratified by the Senat. Whilst Gold trades up, WTI Oil weakens. The USD is trading indecisively. We expect a higher open to Wall Street.
The S&P 500 is in a sideways trend. Resistance is at 2200 and support at 2115.
The Nasdaq 100 is in a sideways trend. Resistance is at 4900 and support is seen at 4800.
RoboForex Analytical Department
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