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U.S. equity index futures green: Dow up ~1%
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Euro STOXX 600 index up ~1.6%
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Dollar, gold decline; crude up >1%; bitcoin edges up
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U.S. 10-Year Treasury yield rises to ~3.58%
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NASDAQ COMPOSITE: PINCHED IN (0900 EDT/300 GMT) The Nasdaq Composite has been leading the way higher in 2023. The tech-heavy index is up nearly 12% so far this year vs about a 3% rise for the S&P 500 index . Of note, however, for most of this year, the IXIC has been trapped between two converging Fibonacci-based moving averages on the weekly charts:
Indeed, since reclaiming its rising 233-week moving average (WMA) on a weekly closing basis on January 13, the Composite has been using it as support.
Last week, amid intense market stress, the IXIC hit a low of 10,982, which put it just around 15 points above its 233-WMA. The Composite then vaulted higher. With Monday's 11,675 finish, the index is up more than 6% off last week's low. However, on the upside the IXIC is just shy of its descending 55-WMA, which is now resistance around 11,730. Since ending the week below the 55-WMA on January 21, 2022, the IXIC has managed only one weekly close back above it. On February 3 of this year, it ended above it by less than 10 points. Thus, with these two moving averages pinching together, traders will be watching for what appears to be any more decisive weekly closing penetration of the 55-WMA, or weekly closing violation of the 233-WMA. Above the 55-WMA, additional hurdles are in the 12,250-12,270 area, while below the 233-WMA, support resides in the 10,291-10088 area.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
