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U.S. equity index futures point to sharply lower open
*
U.S. Jan PPI MM +0.7% vs +0.4% est, YY +6.0% vs +5.4% est; exfood/energy MM +0.5% vs 0.3% est, YY +5.4% vs +4.9% est
*
U.S. initial jobless claims +194k vs +200k est
*
U.S. Jan housing starts +1.309 mln vs +1.360 mln est
*
Euro STOXX 600 index up ~0.2%
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Dollar index up, gold dips; crude flat, bitcoin edges up
*
U.S. 10-Year Treasury yield edges down to ~3.84%
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NASDAQ COMPOSITE: BULLISH MESSAGE IN THE BOTTLE? (0900
EST/1400 GMT)
One long beleaguered measure of the Nasdaq Composite's internal strength has recently poked its head above
water. This, as the tech-heavy index has come up for air in
2023:
The spread between the Nasdaq's cumulative net new highs (running sum of new yearly highs minus new yearly lows),
and its 12-week moving average, inflected from positive to
negative on November 26 of last year. This was just one week
after the Nasdaq's record high close on a weekly basis, and the
week of the tech-laden index's record intraday high.
After 63-straight weeks in negative territory, which was its
longest such streak since an 81-week run around the Great
Financial Crisis, this measure turned positive last week with a
+67 reading. Through Wednesday's close of this week it has now
ticked up to +360, for its highest reading since November 19,
2021.
Traders will be watching to see if this nascent bullish turn
sustains. If the cumulative net new highs on a weekly basis can
continue to trend above their 12-WMA, the Nasdaq may see a
protracted advance.
However, the measure falling back below its 12-WMA may see
the Nasdaq quickly sink again.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
