EURJPY TECHS: Support Remains Intact
Mar-28 20:00
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 164.19 High Mar 18 and the bull trigger
- PRICE: 162.51 @ 16:44 GMT Mar 28
- SUP 1: 161.18 20-day EMA
- SUP 2: 160.59 50-day EMA and a pivot support
- SUP 3: 158.90 Low Mar 10
- SUP 4: 158.00 Round number support
A bull theme in EURJPY remains intact and the move down between Mar 18 - 20 appears corrective. This sell-off allowed an overbought condition to unwind. Pivot support to watch is 160.59, the 50-day EMA. A break of this level would signal potential for a deeper retracement. Sights are on resistance at 164.08, the Jan 24 high. It has been pierced, a clear break of it would strengthen a bullish condition and open 164.90, the Dec 30 ‘24 high.
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COMMODITIES: Crude Extends Losses, Copper Rallies On Tariff Threat
Feb-26 19:53
- Crude markets have extended yesterday’s losses today amidst concerns around the US economy following a weak consumer confidence reading on Tuesday.
- Prospects of a peace deal between Russia and Ukraine continue to add to bearish pressure, coupled with talk that tariffs will take effect from April.
- WTI APR 25 is down by 0.2% at $68.8/bbl.
- A bearish theme in WTI futures remains intact, with next resistance seen at $67.75, the Dec 20 ‘24 low.
- Meanwhile, Henry Hub has pulled back to its lowest level since Feb 18 amid the March 25 contract expiry today and weaker demand as temperatures have recovered from last week’s cold.
- US Natgas MAR 25 is down by 6.4% at $3.91/mmbtu.
- In the metals space, copper has outperformed today, after President Trump threatened to place import tariffs on all forms of the metal.
- Copper rose to a high at $475/lb early in the session, before paring some of the move, with the red metal currently up by 1.1% at $458/lb.
- Copper futures remain in a bull cycle, with initial resistance at $488.50, the Feb 14 high, followed by round number resistance at $500.
- Finally, spot gold is broadly unchanged at $2,916/oz.
- A bull cycle in gold remains intact with sights on $2,962.2, a Fibonacci projection. The first key support to watch is $2,882.4, the 20-day EMA.
US STOCKS: Late Equities Roundup: Global Trade Uncertainty Sapped Early Support
Feb-26 19:49
- Stocks have retreated steadily from Wednesday's midday highs, apparently as President Trump's cabinet meeting rekindled trade policy uncertainty that has weighed on sentiment since last week. Major indexes are drifting off lows in late trade with the DJIA down 131.9 points (-0.3%) at 43487.73, S&P E-Minis down 1.25 points (-0.02%) at 5969, Nasdaq up 16.1 points (0.1%) at 19042.61.
- Consumer Staples and Health Care sectors continued to underperform in late trade, food makers weighing on the former with Hershey -4.28%, The Campbell's Company -4.15%, General Mills -3.72%, Mondelez International -3.70% and Archer-Daniels-Midland -3.69%.
- Managed care and product distributor companies weighed on the Health Care sector: Molina Healthcare -8.63%, Centene -7.74%, HCA Healthcare-4.63% and Henry Schein -4.46%.
- On the positive side, Information Technology and Utility sectors continued to outperform, semiconductor makers supporting the former with First Solar +9.62% after reporting a 27% revenue gain and positive guidance late Tuesday, Micron Technology +4.16%, Broadcom +3.85% and Monolithic Power Systems +2.42%. Note, NVIDIA has pared gains but still trades +2.75% ahead of this afternoon's earnings announcement (1620ET).
- Meanwhile, NRG Energy +10.60%, Vistra +6.32% and Constellation Energy +2.68% led gainers in the Utility sector.
- Earnings expected after the close: Howard Hughes Holdings, Magnite Inc, Agilent Technologies, Snowflake, Nutanix Inc, Synopsys, eBay, NVIDIA, Salesforce, Kratos Defense & Security, Paramount Global, Teladoc Health, Sweetgreen and Core Scientific.
US TSY FUTURES: BLOCK: June'25 30Y Sale
Feb-26 19:34
- -3,273 USM5 117-29, sell through 117-31 post time bid at 1425:21ET, DV01 $433,000. The June 30Y contract trades 117-31 last (+18)
