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U.S. equity index futures modestly red
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U.S. Feb adv goods trade balance $91.63 bln vs $91.0 bln
est
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Euro STOXX 600 index down ~0.3%
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Dollar, bitcoin dip; gold up, crude ~flat
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U.S. 10-Year Treasury yield edges up to ~3.54%
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NASDAQ COMPOSITE: READY TO BLOOM? (0900 EDT/1300 GMT) It's been a choppy couple of months for the Nasdaq Composite . However, one beaten-down measure of the Nasdaq's internal strength is suddenly springing to life, suggesting the Composite may be on the verge of a surprise advance:
On Feb. 2, the IXIC rallied to a more than five-month high. From there, the index fell as much as 10% into its mid-March trough, before recovering somewhat. It ended Monday off just 3.5% from that early-February high. Meanwhile, the Nasdaq new high/new low (NH/NL) index topped on Feb. 3 at 79.2%. Last Thursday it had plunged to 13.9%, putting it at a five-month low, while at the same time potentially suggesting the Composite had become washed out internally. Since the Nasdaq's bear market began in late 2021, this measure has seen numerous troughs between 3.8% and 18%, from which the Composite has been able to launch rally-phases. The NH/NL index has now turned up and ended Monday at 17%. Bulls will now want to see the 13.9% low hold, and the measure reclaim its descending 10-day moving average (DMA), which ended Monday at 18.4%. The Nasdaq NH/NL index has ended below its 10-DMA for 32-straight trading days, which is its longest such streak since a 33-trading day period from mid-August to early-October 2020.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
