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U.S. equity index futures edge green: Nasdaq 100 up ~0.1%
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U.S. Feb ADP national employment 242k vs 200k estimate
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Euro STOXX 600 index off ~0.1%
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Dollar, gold ~flat; crude, bitcoin lower
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U.S. 10-Year Treasury yield falls to ~3.94%
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DOW INDUSTRIALS: TRADERS WATCH The RANGE (0900 EST/1400 GMT) The Dow Jones Industrial Average was the weakest of the main U.S. indexes on Tuesday, sliding 1.72% after Fed Chair Powell's hawkish testimony in front of the Senate banking committee.
Powell is scheduled for a repeat performance Wednesday in front of the House banking committee. Ahead of this, and in the wake of February ADP national employment which came in above estimates, e-mini Dow futures are just above flat.
Meanwhile, on the charts, the DJI, which closed at 32,856.46 on Tuesday, has ended each of the last 11 sessions inside the range defined by its 50- and 200-day moving averages (DMA):
The 50-DMA, which ended at 33,530 on Tuesday, is resistance, while the 200-DMA, which finished at 32,379, is support.
The DJI last closed below its 200-DMA on Nov. 9. Subsequently, the moving average successfully contained weakness in mid-December and again in early March. Therefore, traders will be focused on how the DJI behaves in the event it is tested again. A close back above the 50-DMA would look constructive, but the blue-chip average would then have to deal with the resistance line from its January 2022 record high which now resides around 34,000.
(Terence Gabriel)
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FOR WEDNESDAY'S LIVE MARKETS POSTS PRIOR TO 0900 EST/1400 GMT - CLICK HERE <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ DJI03082023 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Terence Gabriel is a Reuters market analyst. The views expressed are his own)
