Chinese tech sell-off begins to spill over to other parts of the world. European stock markets launched today's trading lower with German DAX (DE30) dropping over 1% at press time. US futures are trading lower as well with US100 trading 60 points below yesterday's cash close. Developments in China, and resulting uncertainty, are one thing to watch, the other is the ongoing earnings season. Results from Tesla released yesterday after the close of the Wall Street session turned out to be better than expected. Today investors will be offered reports from 3 US mega-caps - Apple, Alphabet and Microsoft. All of these reports will be released after close of the Wall Street session. Apple is expected to report a jump in iPhone sales while Alphabet is expected to show recovery in ad spending. In the case of Microsoft, focus will be on margins.
Taking a look at the US100 chart, that sell-off has been rather small so far (compared to Chinese indices for example). US100 is testing a 50-hour moving average (green line) in the 15,065 pts area. However, the main support to watch is located at 15,004 pts - the lower limit of local market geometry. Dropping below this hurdle could see a downward move accelerate. In such a scenario next support levels to watch can be found at 38.2% retracement of upward move launched in mid-July (14,870 pts) as well as 50% retracement (14,790 pts).
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Source: xStation5
