Morning Impact: 4/2/24
Equity Indices, Treasuries, FX, Metals, Energy, Ags, Softs and Crypto Futures
Sorry, no charts today. Technical difficulties.
🌍 World Equity Indices Cash and US Index Futures
Asia passed a steady session. The Hang Seng (+2.36%) returned from holiday to gap-open higher, signaling a potential resumption of it’s counter-trend; the key here is a challenge of the March highs. Otherwise, it was quiet with the Kospi (+0.19%), Nikkei (+0.09%) and Shanghai Comp (-0.08%) trading in tight sessions compared to recent price action. Europe trades steadily mixed, with FTSE (+0.20%) printing fresh trend highs early in the session, while DAX (-0.10%) pushing to similar highs but weakening into the North American session. The sunrise calls were softer, with losses accelerating into the Chicago open.
Traders witnessed price fluctuations across the complex, with the mini DJI notably retracting to its pivotal breakout level from two weeks ago, around 39,700. This movement underscores a critical testing ground for the uptrend's sustainability. Similarly, the mini S&P mirrored this cautious sentiment, grappling with its own corrections yet maintaining an overarching uptrend. This morning’s weakness is intriguing. The mini NASDAQ's recent trading pattern, oscillating within a tight range between 18,400 and 18,600, underscores a market grappling with direction. This morning’s weakness through 18,400 support favors a price test around the lower half of it’s two month range, just ahead of 18,000. Price sits at a critical juncture that could either affirm the market's underlying strength or reveal vulnerabilities if violated. The mini Russell echoes the broader market's sentiment with its struggle to maintain the strong start on Monday. Despite closing within last week's range, its sustained uptrend is being challenged, with last week's lows around 2,088 serving as a key area to watch for support. The resilience of these indices in the face of recent corrections could very well dictate the market's confidence moving forward.
💰 Treasury Futures
Keep reading with a 7-day free trial
Subscribe to Morning Impact to keep reading this post and get 7 days of free access to the full post archives.