Moring Impact: Futures 4/16/24
Equity Indices, Treasuries, FX, Metals, Energy, Ags, Softs and Crypto
🌍 World Equity Indices Cash and US Index Futures
No surprise, Asia passed a weaker session following North America’s lead. The Kospi (-2.28%), Hang Seng (-2.12%) slid into deeper corrections, while the Nikkei (-1.94%) and Shanghai Comp (-1.65%) intriguingly held recent lows. In Europe, both the FTSE (-1.29%) and DAX (-1.04%) corrected further against their uptrend. The sunrise North American calls were mixed/steady, with prices adding gains as the morning matured.
Mini DJIA shows a minor recovery in its overnight session, its goal clearly to rebound from Monday's downturn, though it still wrestles with a broader market correction. Currently, the focus is on sustaining the market above the mid-January support levels near 37,700, which are pivotal for sustaining the larger uptrend. Conversely, Mini S&P trades either side of unchanged, signaling a market that's grappling with its most pronounced correction in recent months. This correction, while sharp, is seen as necessary and places the market at a juncture where it might stabilize against the early February highs, notably around the 5,100 mark, provided that undercurrent buying pressures persist.
Mini NASDAQ, experienced slight overnight declines following its nasty collapse through two-months of support at 18,000. Trading at levels not seen since mid-February (as is most of the complex) the outlook suggests a potential for buyers who missed the initial upsurge to step in, although the downtrend out of the march highs remains a short-term concern. We may be navigating a deeper correction as downside momentum accelerates. The Mini-Russell is the weakest overnight performer; no surprise, it’s been under extreme and constant pressure as this correction deepens the past three sessions; it’s struggling to stabilize. We’ll be keeping a close eye on it’s navigation around these early February lows.
💰 Treasury Futures
The treasury complex posts further overnight declines. The 30-year Bond, now trading at 113-31, appears set to extend its downtrend to
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