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S&P 500 (SPY) Futures Show No Reaction To OPEC+ Oil Production Cut

Alice Wang

Sep 06, 2022 16:10

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Futures For The S&P 500 Remain Near The Support In electronic trading at 3915 when U.S. markets are closed for the Labor Day vacation, S&P 500 futures are mostly unchanged.


The S&P 500 lost further ground on Friday as tech stocks continued to decline. The FedWatch Tool predicts a 75 basis point rate rise at the next Fed meeting with a 60% chance, so traders brace themselves for the aggressive Fed.


Technically, the S&P 500 found support close to the 3915 level. This level has undergone several tests and shown to be reliable. S&P 500 must close below 3915 in order for the downward trend to continue. In this case, it will move in the direction of the next support level, which is 3875.


The S&P 500's closest upward resistance level is found at 3950. The S&P 500 will go toward the resistance level at 3980 if it is able to stabilize above this level. The test of the 4000 resistance level will be possible if a move is made above 3980.

Energy Stocks Could Be The Subject Tomorrow

As a result of OPEC+ members agreeing to reduce output objectives by 100,000 bpd in October, WTI oil is up more than 2% today. This is a symbolic reduction given that certain OPEC+ members are now producing below their mandates.


However, the choice makes a significant market statement. Concerned about the global economic downturn, OPEC+ is prepared to take action if required.


Exxon Mobil, Chevron, and Schlumberger, three significant oil companies, have all benefited from assistance recently. If OPEC is successful in setting a floor for oil prices, these stocks may rise further.

It should be underlined that a wide comeback in tech stocks is a prerequisite for a sustained recovery of the S&P 500. Recent trading sessions have seen severe pressure on well-known brands like Apple, Microsoft, Amazon, and others.


The market's assessment of the Fed's future moves will continue to influence the dynamics of tech stocks. Tech stocks will probably decline if investors assume that the Fed will be aggressive and Treasury rates keep rising. In this scenario, the S&P 500 is expected to close below the 3900 mark and continue to decline.

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