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US stock markets are pressured as investors await more earnings reports from the major technology corporations and economic data. The SPX Futures fell by about 0.6% towards $4130, Nasdaq is down by about 0.5% and the Dow Jones trades 0.4% lower.

• The First Republic Bank dropped about 20% after the bank reported its deposits, which fell by about 41% in the first quarter due to the regional bank crisis.
• Alphabet and Microsoft are about to report earnings after market hours on Tuesday.
• Dollar slightly higher with about 0.1% while pressured which could support the equities sector in the New York trading session.
• Meanwhile, in Europe, UBS reported a decline in net profit in Q1 by about 51%.

More to know for this session.

• Major technology firms, such as Google, are faced with potential fines of about 10% of global sales by the UK government – for possible practices which have hurt consumers.
• The ECB is expected to raise interest rates again next week, odds showing a potential 50 bps increase, according to a central bank executive board member.
• Investors are looking forward to the home and house price indexes, home sales, and consumer confidence in the economic data front of the New York trading session.

Looking at the SPX Futures, we can observe some support around the Quarter’s lower value extreme after several attempts with buying tails on the daily interval. Monday’s session closed with a balanced price range and with unsecured highs/lows to be cleared. The lows have been taken out and potential absorption might lead buyers to target the highs as rotational scenarios, for this the market needs to stay in the prior price range. Current swing failure on the hourly interval might lead the index price higher again.

Current positive volatility pressures the equities markets while the short- to medium-term perspective might print a bullish bias for the upcoming weeks, depending on the incoming economic data which concludes the path of interest rate hikes.

2 Weeks Ago

The dollar is slightly higher with about 0.1% and trades around $101.40 while some hints might pressure the greenback lower which could support equities and commodities in this particular session.

The mixed technical and fundamental aspects, depending on the upcoming economic data in the New York trading, might lead markets to rotational behavior. 

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