On comparative analysis of the movements of S&P 500 and S&P 500 Futures in different time frames, I find uncertainty is growing in global equity markets as a result of concerns over the economic impact of coronavirus. Global economies look evident enough to compel struggling bulls to retreat from the current levels t anytime.
The coronavirus outbreak still seems to be going a major fear factor in global equity markets. Coronavirus has had a devastating impact on China's economy in January and February.
S&P 500 Futures look ready to define a conclusive move before the weekly closing. However, Chinese authorities are trying their best to lessen the damage, with President Xi Jinping saying the government would prevent large-scale layoffs caused by the virus outbreak. Companies are already feeling the pinch, and the market expects more financial stimulus from Beijing.
On the other hand, steady gold looks ready to see a steep upward move from the current levels amid growing concern over the extensive impact of coronavirus on global equity markets. There is no doubt that the extensive volatility in global equity markets may encourage bears to remain in control during the upcoming weeks.
DisclaimerS&P 500 Futures 4 Hr. Chart