Mid-morning Impact: Futures 4/19/24
Equity Indices, Treasuries, FX, Metals, Energy, Ags, Softs and Crypto
🌍 World Equity Indices Cash and US Index Futures
Asia passed a rough session, impacted by both the negative North American lead-in and geopolitical concerns. The Nikkei (-2.66%) led to the downside, sliding deeper into corrective territory and closing at it’s lowest level since early February. The Kospi (-1.63%) followed, also extending its correction however settlement signals a rejection of lower levels. The Hang Seng (-0.99%) similarly rejected lower levels despite the softer sentiment. Shanghai (-0.29%) impressed, as it held steady at month highs, and successfully (for now) fought off pressure. In Europe, FTSE (+0.17%) continues to stabilize, while DAX (-0.51%) extends it’s correction. The sunrise North American calls were lower by around 0.25% before recovering into the open (except for the Mini-Nasdaq).
📈Mini DJI (Jun-2024) 38,201: Overnight movement suggests a hesitant market as traders process the recent lows. The pivotal support levels of 37,750 to 38,000 are crucial for establishing market confidence. A close above this area today may lead toward a potential shift in sentiment, but there’s plenty of session ahead.
📈E-mini S&P 500 (Jun-2024) 5,037: Their recovery from the lows will be critical to watch as the market closes; a firm close above critical support may reintroduce bullish sentiment despite the current corrective phase.
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