Morning Impact: Futures 4/24/24
Equity Indices, Treasuries, FX, Metals, Energy, Ags, Softs and Crypto
🎤 Markets Discussion
I’m excited to share another conversation my friend Sami Karam and I recorded last week, focusing on intriguing macro and micro developments in equities and commodities. Sami is a former long/short fund manager and the founder of populyst.net, a site that specializes in markets, demographics and economics. He now publishes The Wednesday Letter on Substack, coving topics that are important to investors, executives and policymakers. I recommend everyone to check it out and subscribe.
🌍 World Equity Indices Cash and US Index Futures
Asia passed impressively positive session. The Nikkei (+2.42%) led to the upside, a reactive move within it’s downside correction. The Hang Seng (+2.21%) now challenges its April highs. The Kospi (+2.01%) kept pace to bounce out of it’s correction while the Shanghai Comp (+0.76%) held steady within it’s consolidation. In Europe, FTSE (+0.48%) outperformed to fresh trend highs while, while DAX (0.18%) held Tuesday’s bounce gains. The sunrise North American calls were mixed with the mini Nasdaq outperforming while the mini-Russell lagged.
The Mini DJIA (Jun-2024) nudged up slightly by 18 points to 38,744 (+0.05%), continuing a cautious bounce/move from last Friday. Tuesday marked the third session of gains, suggesting a slowing of downward momentum. However, these moves are still reactive in nature against the corrective phase around the critical 38,000 area. The market is at a delicate juncture, requiring confidence from buyers to sustain this upward movement and prevent a retest of corrective lows.
The E-mini S&P 500 (Jun-2024) climbed by 12.00 points to 5,118.50 (+0.23%), hovering around a support-turned-resistance area at 5,000. While downside
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.