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16.05.2022 02:55 PM
American premarket for May 16: cheaper shares of technology companies arouse interest among investors
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Futures for the S&P 500 declined slightly in trading on Monday, correcting after the bullish rally seen at the end of last week. However, the rally was only small compensation for those terrible sales that occurred due to a serious collapse in technology stocks, pushing the broader S&P500 index to the brink of a bear market. Dow Jones futures were little changed after 7 weeks of losses, S&P 500 futures fell 0.1%, and Nasdaq-100 futures declined 0.3%. By the end of Friday, the Dow rose by 466.36 points, the S&P 500 rose by 2.39%, and the Nasdaq Composite jumped by 3.82%.

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Despite this, the main indices are still showing losses. The Dow's series of falls was the worst since 2001. The S&P 500 index has been going through a 6-week series of losing sessions since June 2011.

Given the history of bear markets, combined with the fact that the Fed has just started a rate hike cycle and will continue to follow it for quite some time, demand is expected to continue to decline. The bullish rally we saw on Friday is likely to end as quickly as it started.

However, it should be understood that a large sale in the technology sector also provides an opportunity to buy cheaper companies that conduct some of the best businesses in the world. It is already clear that regardless of whether the bottom has been reached or not, there are good buying opportunities at the current lows of the market.

Several major retailers are due to report their first-quarter results this week. Reports from Walmart, Target, and Home Depot are expected. Investors will also be watching US retail sales data, which may give them an idea of how buyers and sellers are coping with inflation.

Premarket

Spirit Airlines' shares rose 19.3% in premarket trading after JetBlue announced a tender offer at $ 30 per share for its rival airline. Spirit rejected JetBlue's previous bid, preferring to keep the previously concluded merger deal with Frontier Airlines' parent company Frontier Group.

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The securities of Carvana, a car seller, rose by 13.3% in the premarket after a fairly good profit forecast for 2023 was given. In a statement to the Securities and Exchange Commission, Carvana also detailed its cost-cutting plans.

Twitter fell 2% today in the premarket amid rumors that Musk may not complete a takeover deal for the social media platform. Over the weekend, Musk tweeted that he had violated a non-disclosure agreement by revealing the sample sizes used by Twitter when analyzing spam accounts.

Everyone's favorite Netflix gained 1.8% on the premarket.

As for the technical picture of the S&P 00

A good start to the week and the overlap of the morning gap allow buyers to reach the nearest resistance of $ 4,037. Until the moment when trading is conducted above $ 4,005, bulls can count on the continuation of the upward correction. This level can be tested immediately after the release of data on the US economy during the regular session. The protection of $ 4,005 and the growth from this level will strengthen the confidence of traders counting on an upward correction. However, it is still very early to talk about groping the bottom. Fixing above $ 4,037, the nearest resistance level will open up the possibility of a return to $ 4,069. In case of pessimism and more talk about high inflation and the need to fight it, we will see a major sell-off below $ 4,005. A decrease in the trading instrument under this level will quickly push $ 3,964 to a minimum. Having missed this range, it is best to postpone the purchase of a trading instrument to a minimum of $ 3,924.

Jakub Novak,
Analytical expert of InstaForex
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