EQUITIES: E-Mini S&P Maintains Positive Tone Following Break of Bull Trigger
A bullish theme in the Eurostoxx 50 futures contract remains intact. Gains on Monday reinforce current bullish conditions. The contract is extending the recent breach of 5263.01, 76.4% of the Mar 3 - Apr 7 bear leg. The continuation higher signals scope for a climb towards 5516.00, the Mar 3 high and the key bull trigger. Initial firm support to watch lies at 5152.85, the 50-day EMA. Clearance of this level would signal a possible reversal. A bullish trend condition in S&P E-Minis remains intact and this week’s appreciation reinforces bullish conditions. The contract has cleared an important resistance at 5837.25, the Mar 25 high and a bull trigger. This strengthens the bullish theme, paving the way for a continuation near-term. Sights are on the 6000.00 handle next. Initial firm support to watch lies at 5648.28, the 50-day EMA.
- Japan's NIKKEI closed lower by 55.13 pts or -0.14% at 38128.13 and the TOPIX ended 8.85 pts lower or -0.32% at 2763.29.
- Elsewhere, in China the SHANGHAI closed higher by 29.077 pts or +0.86% at 3403.948 and the HANG SENG ended 532.38 pts higher or +2.3% at 23640.65.
- Across Europe, Germany's DAX trades lower by 66.65 pts or -0.28% at 23571.19, FTSE 100 lower by 1.44 pts or -0.02% at 8601.55, CAC 40 down 46.73 pts or -0.59% at 7827.1 and Euro Stoxx 50 down 27.33 pts or -0.5% at 5388.88.
- Dow Jones mini up 30 pts or +0.07% at 42260, S&P 500 mini up 1.25 pts or +0.02% at 5906, NASDAQ mini up 1.5 pts or +0.01% at 21280.5.
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EQUITIES: Climb for EuroStoxx50 Highlights Start of Corrective Cycle
A short-term reversal in S&P E-Minis last week highlights the start of what appears to be a corrective cycle. The trend condition has been oversold following recent weakness and the move higher is allowing this set-up to unwind. Eurostoxx 50 futures traded in an extremely volatile manner last week and rallied sharply higher from recent lows. The climb highlights the start of a corrective cycle.
- Japan's NIKKEI closed higher by 396.78 pts or +1.18% at 33982.36 and the TOPIX ended 21.6 pts higher or +0.88% at 2488.51.
- Elsewhere, in China the SHANGHAI closed higher by 24.581 pts or +0.76% at 3262.808 and the HANG SENG ended 502.71 pts higher or +2.4% at 21417.4.
- Across Europe, Germany's DAX trades higher by 496.08 pts or +2.43% at 20871.52, FTSE 100 higher by 151.38 pts or +1.9% at 8116.64, CAC 40 up 146.37 pts or +2.06% at 7252.36 and Euro Stoxx 50 up 105.65 pts or +2.21% at 4894.76.
- Dow Jones mini up 397 pts or +0.98% at 40785, S&P 500 mini up 79 pts or +1.47% at 5471, NASDAQ mini up 333.25 pts or +1.77% at 19144.5.
COMMODITIES: Bearish WTI Theme Extends
The trend condition in Gold remains bullish and last week’s rally confirms and reinforces this condition. The yellow metal has traded through $3167.8, the Apr 3 high, to resume the primary uptrend and trade to fresh all-time highs. A bearish theme in WTI futures remains intact and last Wednesday's rally is - for now - considered corrective. The move higher is allowing an oversold trend condition to unwind. Recent weakness has resulted in the breach of several important support levels.
- WTI Crude up $0.14 or +0.23% at $61.59
- Natural Gas down $0.06 or -1.7% at $3.464
- Gold spot down $13.65 or -0.42% at $3223.89
- Copper up $3.05 or +0.67% at $455.35
- Silver down $0.02 or -0.07% at $32.2695
- Platinum up $8.18 or +0.86% at $956.57
EQUITIES: Pre-Market Surge for Apple Follows Sectoral Reprieve
- Strength in US equity futures has fed well into outperformance for cash European indices this morning. The reprieve for electronics imports from China into the US is the driver here, evident in early strength in the likes of Apple - whose supply chain is now spared from not only the 145% tariffs on China, but also the 10% blanket tariff applied to all other territories.
- As a result, Apple's German listing has rallied near 9%, while their US shares are higher by over 6% pre-market. Similarly, NVIDIA are higher by 3%, Intel by 2.7% and Qualcomm by 2.1%.
- Naturally, the NASDAQ-100 future is leading the bounce - higher by 1.9% to extend the bounce off the low to over 15%. A further 3% rally in the index would erase the Liberation Day sell-off.
- Equity volatility now looks to earnings season this week - (our schedule here: https://mni.marketnews.com/4cnn1GO ). Highlights are:
- Monday: Goldman Sachs
- Tuesday: J&J, Bank of America, Citigroup
- Wednesday: Abbott Labs, Progressive Corp
- Thursday: American Express, Charles Schwab, UnitedHealth, Netflix
