Morning Impact: 4/4/24
Equity Indices, Treasuries, FX, Metals, Energy, Ags, Softs and Crypto Futures
🌍 World Equity Indices Cash and US Index Futures
Asia passed a higher overnight session. South Korea’s Kospi (+1.29%) aggressively shook off Wednesday’s correction weakness. Japan’s Nikkei (+0.81%) also gapped higher to recover, though it’s close off session highs is disappointing. Both the Shanghai Comp and Hang Seng were closed for holiday. In Europe, FTSE (+0.46) outperforms, completing an impressive shake off of Wednesday’s midsession weakness while the DAX (+0.05%) stabilizes. The sunrise North American calls were higher across the board.
The stock index futures Mini DJI traded higher in the overnight session, after stabilizing on Wednesday. Holding Tuesday’s and Wednesday’s lows are crucial, indicating support within a congestion zone between 39,000 and 39,500, where the market spent much of the end of February and the beginning of March. The correction phase is still not declared over, but a push towards 40,000 will tilt probabilities toward a resumption of the uptrend. Similarly, the mini S&P, mini Nasdaq and mini-Russell have all drawn bid interest into congestion to stabilize corrections. We’ll see how this develops, but a collapse through has the potential to shake the foundations of these uptrends.
💰 Treasury Futures
Despite overnight softness, across the complex there's a noticeable stabilization effort following a couple of weak intraday performances followed by stabilizing
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