HEALTHCARE: Healthcare: Month-to-Date Movers
* Eurofins, Bayer, Sartorius, Viatris, Fresenius SE, Stryker have underperformed. * See graph...
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EQUITY TECHS: E-MINI S&P: (H5) Impulsive Sell-Off Extends
- RES 4: 6178.75 High Dec 6 ‘24 and key resistance
- RES 3: 6166.50 High Jan 19
- RES 2: 5979.06 50-day EMA
- RES 1: 5791.00/5912.01 High Mar 7 / 20-day EMA
- PRICE: 5630.75 @ 05:52 GMT Mar 11
- SUP 1: 5558.00 Intraday low
- SUP 2: 5523.00 Low Sep 11 2024
- SUP 3: 5499.25 Low Sep 9 2024
- SUP 4: 5444.55 76.4% retracement of the Aug 5 - Dec 6 ‘24 bull leg
A bear threat in S&P E-Minis remains present and Monday’s extension strengthens bearish conditions. The move down also reinforces the significance of the breach of 5809.00, the Jan 13 low. This level marked the mid-point of a double top on the daily chart and the break confirms the pattern and an important short-term reversal. Sights are on 5499.25, the Sep 9 2024 low. Firm resistance to watch is 5979.06, the 50-day EMA.
CHINA: Country Wrap: China’s Auto Sector Very Strong.
- China’s wholesale sales of passenger cars and exports surged to all-time highs in February as the country’s auto market got off to a strong start this year thanks to the government’s generous scrapping and trade-in policies and as car manufacturers continue to hold prices steady. (source: Yicai)
- China's top political advisory body on Monday concluded its annual session, calling on political advisors to make new and greater contribution to advancing Chinese modernization. (source: Xinhua)
- China’s key markets were all down, led by the Hang Seng which fell -0.75%. The CSI 300 was down -0.45%, Shanghai -0.33% and Shenzhen lost -0.43%.
- CNY: Yuan Reference Rate at 7.1741 Per USD; Estimate 7.2639
- Bonds: a strong sell off today with CGB10YR touching 1.90% for the first time this year as fears of issuance deluge grow.
EURUSD TECHS: Holding On To Its Recent Gains
- RES 4: 1.1040 High Oct 4 2024
- RES 3: 1.0961 76.4% retracement of the Sep 25 ‘24 - Feb 3 bear leg
- RES 2: 1.0937 High Nov 5 / 6 2024
- RES 1: 1.0889 High Mar 7
- PRICE: 1.0837 @ 05:51 GMT Mar 11
- SUP 1: 1.0766/1.0571 Low Mar 6 / 20-day EMA
- SUP 2: 1.0501 50-day EMA and a short-term pivot level
- SUP 3: 1.0360 Low Feb 28 and a key support
- SUP 4: 1.0317 Low Feb 12
A bullish theme in EURUSD remains intact and the pair is trading at its recent highs. Last week’s gains mark a continuation of the reversal on Feb 3. Note that moving average studies have crossed and are in a bull-mode position - this highlights a dominant uptrend. Sights are on 1.0937, the Nov 5 / 6 2024 high. Initial key support to watch lies at 1.0501, the 50-day EMA. The uptrend is overbought, a corrective pullback would allow this set-up to unwind.
