S&P 500 index: Looking for footing
- U.S. equity index futures green: Nasdaq 100 up ~0.6%
- Initial jobless claims 224k vs 212k est
- Q4 unit labor costs 0.5% vs 1.6% est
- Q4 productivity prelim 3.2% vs 2.5% est
- Euro STOXX 600 index ~flat
- Dollar, bitcoin down; gold up; crude rallies ~1%
- U.S. 10-Year Treasury yield falls to ~3.91%
S&P 500 INDEX: LOOKING FOR FOOTING
In the wake of the latest FOMC meeting, and Chair Powell's press conference on Wednesday, the S&P 500 index 
SPX ended down 1.6%, while suffering its worst day since Sept. 21.
Bulls are now looking for support at the benchmark index's early-2022 former record highs to provide solid ground in the event of further weakness.
This, with more event risks to contend with, including more jobless claims than expected, which came out at 0830 EST, January ISM manufacturing PMI and December construction spending coming at 1000 EST, earnings from Apple 
AAPL, Amazon.com 
AMZN and Meta Platforms 
META after the close on Thursday, and nonfarm payroll data on Friday.
After posting a record high close of 4,927.93 on Monday, and a record intraday record high of 4,931.09 on Tuesday, the SPX fell sharply on Wednesday to end at 4,845.65.
Of concern, the benchmark index ended slightly above a channel resistance line on Monday and Tuesday, before quickly reversing back below it on Wednesday.
Thus, traders will be watching to see if support in a range defined by the Jan. 3, 2022 intraday high of 4,818.62 and the Jan. 4, 2022 close of 4,796.56 now provides a floor. This range resides around 0.6%-1% below Wednesday's close.
E-mini S&P 500 futures ES1! are implying the SPX is poised to rise around 20 points or 0.4% at the open.
In the event that the zone defined by the former highs fails to contain weakness, the next support will be at the rising 50-day moving average which should be around 4,715 on Thursday and is ticking up around 5 points per trading day.
The Jan. 17 and Jan. 5 lows were at 4,714.82 and 4,682.11.
(Terence Gabriel)
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FOR THURSDAY'S OTHER LIVE MARKETS POSTS:
CHINA INFLOWS: A "STATE-DIRECTED" BULLISH TURN? - CLICK HERE
THE BANK OF ENGLAND'S SPLIT PERSONALITY - CLICK HERE
UK STOCKS: CHEAP FOR A GOOD REASON? - CLICK HERE
EUROPEAN SHARES MIXED, BANKS IN FOCUS AFTER EARNINGS - CLICK HERE
EUROPEAN STOCK FUTURES FALL ON EARNINGS, PATIENT FED - CLICK HERE
FOR MARKETS, A FED DELAY MEANS MORE IN MAY - CLICK HERE