<p style=““ class=“text-align-justify“>Stocks are facing a rough time to start the new week and we are seeing S&P 500 futures fall lower by 43 points, down 1.1%, on the day currently. This is accompanied by a 1.4% drop in Nasdaq futures and a 0.8% drop in Dow futures as we continue to digest the market mood in European morning trade.</p><p style=““ class=“text-align-justify“>In the case of the S&P 500 index, the retreat in futures sets up yet another rejection at the 4,100 mark despite dip buyers looking for a more bullish breakout last week. The jump above the 200-day moving average (blue line) and key trendline resistance (white line) was extremely encouraging but there’s just this one last hurdle to clear.</p><p style=““ class=“text-align-justify“>As mentioned last week <a target=“_blank“ href=“https://www.forexlive.com/news/is-this-the-break-that-stocks-are-looking-for-20230124/“ target=“_blank“ rel=“follow“>here</a>, I’d be more convinced of a further upside break if the S&P 500 can clear 4,100 – so as to break the prevailing pattern of lower highs, lower lows. And it looks like we might not get there until after the major central bank decisions coming up later this week.</p>

This article was written by Justin Low at www.forexlive.com.