LIVE MARKETS-S&P 500 index makes a leap, now down less then 5% from record close

ReutersMay 13, 2025 12:59 PM

US equity index futures mixed, changes modest
Apr CPI MM 0.2% vs 0.3% est; YY 2.3% vs 2.4% est
Apr CPI core MM 0.2% vs 0.3% est; core YY 2.8% vs 2.8% est
Euro STOXX 600 index up ~0.3%
Dollar down; gold up; bitcoin, crude both up >1%
US 10-Year Treasury yield flat at ~4.46%

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S&P 500 INDEX MAKES A LEAP, NOW DOWN LESS THEN 5% FROM RECORD CLOSE

With Monday's opening upside gap, the S&P 500 index .SPX vaulted back above its 200-day moving average (DMA). The benchmark index then scored its first close above this closely followed long-term moving average since March 25.

With this, the SPX, which at the April 8 cycle low, ended down 18.9% from its February 19 record close, finished Monday at 5,844.19, which put it down just 4.88% from its February 19 record closing high.

Now, in the wake of the latest data on consumer prices coming in mostly cooler than expected, e-mini S&P 500 futures EScv1 are roughly flat.

Nevertheless, given that the S&P 500 has reclaimed its 200-DMA, it now appears refocused on its highs in the 6,099-6,147 area ahead of the key long-term long-scale resistance line from the 1929 high, which for the month of May resides around 6,225. This line essentially capped strength in the December-February time frame:

Traders are watching interim resistance at the February 3 low at 5,923.93 followed by congestion around the 6,000 level.

Bulls will want to see the 200-DMA, as well as the Fibonacci-based 233-DMA, which now reside in the 5,750-5,710 area, contain weakness, in order to keep the upside focus intact.

The May 12 gap requires a fall to 5,691.69 for a fill.

The May 7 low was at 5,578.64 and the 50-DMA should be around 5,545 on Tuesday. The March 13 low was at 5,504.65.

(Terence Gabriel)

TUESDAY'S EARLIER LIVE MARKETS POSTS:

TRADE WARS: FROM SPOTLIGHT TO SIDESHOW CLICK HERE

TRUMP BACKS OFF... NOW FOCUS ON FISCAL POLICY CLICK HERE

THE LAST 6 MONTHS: 90% OF MSCI INDICES HAVE BEATEN WALL ST CLICK HERE

STOXX MUTED AS TRADE WAR TRUCE CELEBRATION ENDS, EARNINGS RUMBLE ON CLICK HERE

EUROPE BEFORE THE BELL: MOOD TEMPERS AFTER U.S.-CHINE TRUCE CLICK HERE

WITH A HIATUS IN THE TRADE WAR, IT IS BACK TO THE GRIND CLICK HERE

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