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S&P 500 Financials Dec '24 (BNZ24)

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S&P 500 Financials Futures Market News and Commentary

Stocks Settle Sharply Lower on the Outlook for Slower Fed Rate Cuts

The S&P 500 Index ($SPX) (SPY) Friday closed down -1.32%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.70%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.40%.

Stocks retreated Friday, with the S&P 500 and Nasdaq 100 falling to 1-1/2 week lows and the Dow Jones Industrials falling to a 1-week low.  Signs of a hawkish Fed pushed the 10-year T-note yield to a 5-1/2 month high Friday and pressured stocks.  On Thursday, Fed Chair Powell signaled the Fed was in no hurry to cut interest rates.  Also, Boston Fed President Collins shared that view when she said Friday that a December interest rate cut by the Fed isn't a "done deal."  The hawkish Fed comments reduced the chances of a Fed rate cut next month to 58% from 82% a day ago.  Stocks added to their losses as bond yields rose further after today’s US economic news showed that retail sales and the Nov Empire manufacturing survey rose more than expected, a hawkish factor for Fed policy.

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Contract Specifications

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Contract
S&P 500 Financials Sector Index
Contract Size
$250 times Index
Tick Size
0.05 points ($12.50 per contract)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (Settles 3:00p.m.) CST
Exchange
CME
Point Value
$250
Expiration Date
12/20/24 (33 days)

Seasonal Chart

S&P 500 Financials Dec '24
Average Price Chart for 5 Prior Dec Contracts
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Price Performance

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Period Period Low Period High Performance
1-Month
570.15 +8.29%
on 11/04/24
620.65 -0.53%
on 11/11/24
+34.76 (+5.97%)
since 10/15/24
3-Month
539.95 +14.34%
on 09/11/24
620.65 -0.53%
on 11/11/24
+76.64 (+14.17%)
since 08/15/24
52-Week
442.65 +39.48%
on 11/16/23
620.65 -0.53%
on 11/11/24
+176.19 (+39.93%)
since 11/15/23

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Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 624.98
2nd Resistance Point 621.86
1st Resistance Point 619.63
Last Price 617.39s
1st Support Level 614.28
2nd Support Level 611.16
3rd Support Level 608.93

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52-Week High 620.65
Last Price 617.39s
Fibonacci 61.8% 552.65
Fibonacci 50% 531.65
Fibonacci 38.2% 510.65
52-Week Low 442.65

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