TWD: HSBC Say Local reports About Extreme TWD Appreciation Seem Far-Fetched
* HSBC note that media reports about a significant TWD appreciation against the USD (to extreme nu...
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EQUITY TECHS: E-MINI S&P: (M5) MA Studies Highlight A Dominant Downtrend
- RES 4: 5878.53 50-day EMA
- RES 3: 5837.25 High Mar 25 and a key resistance
- RES 2: 5757.95 20-day EMA
- RES 1: 5694.75 High Apr 1
- PRICE: 5618.00 @ 14:23 BST Apr 2
- SUP 1: 5559.75/33.75 Low Mar 13 and the bear trigger / Low Mar 31
- SUP 2: 5500.00 Round number support
- SUP 3: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
- SUP 4: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
S&P E-Minis maintain a softer tone. Sights are on key support and the bear trigger at 5559.75, the Mar 13 low. It has been pierced, a clear break of it would confirm a resumption of the downtrend that started Feb 19, and open 5483.30, a Fibonacci projection. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key short-term resistance has been defined at 5837.25, the Mar 25 high.
GILTS: Futures Through Trendline Resistance
Gilt futures trade through both trendline resistance (92.42) and yesterday’s high (92.45) alongside the extension of the rally in U.S. Tsys, with “Liberation Day” risks continuing to underpin core global FI markets.
- Next resistance noted at the 61.8% retracement of the March 4-27 move lower (92.55), followed by the Mar 20 high (93.01).
- Yields ~4bp lower across the curve. March lows remain intact, with many of the benchmark yields comfortably off last month’s lows.
EQUITIES: US Cash Opening calls
US Cash Opening calls, similar to Futures, Cash indices will Open in the red, but will also be above Yesterday's lows.
- Calls: SPX: 5,583.9 (-0.9%); DJIA: 41,716 (-0.7%/-274pts); NDX: 19,210.3 (-1.2%).
