On Monday, futures on the S&P 500 Index tested April’s low (1,355 points), but managed to rebound to 0.8% as of the opening of trading on European markets. At the same time, most commodities experienced modest growth, indicating the weak nature of the rebound and low prospects for buyers today.
It is interesting to note that, during yesterday's trading session, commodity stocks were not among the leaders in terms of decline, instead giving way to stocks from the industrial sector and services sector. At the same time, the biggest loser for the week was the technology sector, which should be considered in the context of the forthcoming publication of Apple’s financial results.
In general, it should be noted that, regardless of the news background, the S&P 500 has not yet reached the technical target of the current correction (about 1,340 points). Therefore, testing April’s lows is certainly good, but buyers should maintain utmost caution, since the potential of a short-term decline in the index has not yet been exhausted.
