LIVE MARKETS-US stock futures on the march, but might Mr. Gann rain on the parade?

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US STOCK FUTURES ON THE MARCH, BUT MIGHT MR. GANN RAIN ON THE PARADE?

U.S. stock index futures are trading at record highs on Monday as expectations for a U.S.-China trade deal are aiding risk appetite in a busy week of Big Tech earnings and a widely expected rate reduction from the Federal Reserve.

This comes as the S&P 500 index .SPX, which ended Friday at 6,791.69, attempts to pull away to the upside from the sticky 6,667.90 level, or 10 times the 2009 low.

Meanwhile, traders are on guard given that the SPX faces another hurdle on the charts in the form of a weekly Gann Line.

Gann Lines are drawn at specific angles from important highs and lows in an attempt to identify future support and resistance, as well as market turning points.

The S&P 500 faces a weekly Gann Line that capped strength in December 2024, ahead of the early 2025 market collapse. This line now resides around 6,850 on a weekly basis, or just 0.9% above Friday's close.

The next level above this line is at 7,000. Eleven times the 2009 low is 7,334.69.

The rising 50-day moving average, which has contained weakness since early May, should be just over 6,600 on Monday.

The October 10 low was at 6,550.78.

(Terence Gabriel)

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