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U.S. equity index futures red: Nasdaq 100 down >1%
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Euro STOXX 600 index off ~0.5%
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Dollar ~flat; gold edges up; crude, bitcoin both off >2%
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U.S. 10-Year Treasury yield rises to ~3.54%
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NASDAQ COMPOSITE: ANOTHER BRICK IN THE WALL FALLS (0900
EST/1400 GMT)
The Nasdaq Composite ended at about 11,622 on
Friday. With this, the tech-heavy index scored its first close
above its 200-day moving average in more than a year:
It was the first IXIC finish above this closely watched
long-term moving average since January 14, 2022. Subsequent near
touches throughout last year led to renewed selling pressure.
Bulls are still looking for the Nasdaq daily advance/decline
(A/D) line to confirm the Composite's feat. The A/D line
remains just shy of its descending 200-DMA. This breadth measure
has failed on its near touches of the long-term moving average
since late-July 2021.
Meanwhile, with the market focused on the results of this
week's FOMC meeting, due Wednesday at 2 PM EST, tech-titan
earnings from Meta Platforms after the close that same
day, and results from Apple , Amazon.com , and
Alphabet after the closing bell on Thursday, and the
DJI up six-straight sessions through Friday's close, it
may not be much of a surprise that e-mini Nasdaq 100 futures are suggesting an opening pullback on Monday.
The Composite is on track for its biggest monthly gain since
July, and its best January rise since 2001.
The 200-DMA should now attempt to provide support for the
IXIC just under 11,500.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
