S&P 500 CHOPPY ON MIXED RESULTS, INDUSTRIAL PRODUCTION DISAPPOINTS

S&P 500 futures are currently trading at 2729- lower by 0.12% as compared to the previous close. The index futures closed in Positive territory in the last trading session. Further back, the benchmark futures closed in the red in 3 out of the 4 last trading sessions.

The index opened lower today as a decline in stocks of chip maker Nvidia helped to dent sentiment in the technology sector.

Index-member Nvidia (down 18.62%) plunged in premarket trade after reporting disappointing quarterly results late on Thursday. The stock selloff was sparked by a Thursday-evening earnings release by the company, which showed it missing revenue expectations for Q3 and issuing forward guidance well below expectations.

Another index-constituent Nordstrom (down 12.12%) fell in premarket trade, after the retailer reported earnings for the third quarter well below market expectations.

Viacom, yet another index member, reversed premarket gains to open lower by 0.8%. The fall comes despite a Friday-morning earnings report that showed the media giant beating earnings and sales expectations for the fiscal fourth quarter.

On the other hand, California utility, PG&E skyrocketed more than 30% after a state regulator said that he had no interest in seeing the Company declare bankruptcy. Earlier in the week, investors sold-off the stock on concerns that the company may be held responsible for the deadly, ongoing wildfires in California.

On the economic front, the Industrial Production Change (MoM) for October released earlier today came in at 0.1%. The Industrial Production was below the consensus estimates of 0.2%. The Industrial Production (MoM) growth for Sept. was revised to 0.2% from 0.3% reported earlier.

On the technical front, the RSI is currently at 46.02% and suggests that the market can continue trading sideways. The current price is above the MA5. The %K has crossed the %D from above to the downside at around 93% and suggests that the market may head downwards. The current price is below the MA20.

Overall Bias is Mixed/Negative and Short-term trades can be initiated with tight Stop Loss and Take Profit targets.

Trade Suggestion-Limit Sell At 2740, Take Profit At 2710 Stop Loss At 2755

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