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U.S. equity index futures slightly green
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Euro STOXX 600 index up ~0.6%
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Dollar edges up; gold ~flat; crude, bitcoin gain
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U.S. 10-Year Treasury yield rises to ~3.47%
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S&P 500 ENERGY SECTOR ON FIRE (0900 EDT/1300 GMT) In the wake of the surprise OPEC+ output cut, crude oil is extending its gains on Tuesday.
Of note, the S&P 500 energy sector finished Monday higher for a seventh-straight session. The seven-day run of gains is the sector's longest win streak since eight-straight days of gains with the Russian invasion of Ukraine in late-February to early-March of last year.
Energy last rose nine-days in a row in October 2009, so the current rally may be getting stretched on a daily basis. Additionally of note, energy ended March above its rising 12-month moving average (MMA) for a 28th-straight month:
Through March, the 28-month run of monthly closes above the 12-MMA is the sector's longest such streak since a 62-month run which ended just after the summer 2008 peak.
Energy scored 26-straight monthly closes above its 12-MMA just after its June 2014 record highs. With Monday's 666.07 close, the group faces resistance at its 2008 high at 678.84 and its 2022 and 2014 highs in the 724.74-738.71 area. A monthly close below the 12-MMA, now around 635, can suggest potential for a much more protracted reversal. Meanwhile, crude futures , now around $81.00, have mounted an impressive rally, and are attempting to close above resistance at $80.31. This after falling to a low of $64.12 in March, while finally testing a long-term magnet in the form of the 200-week moving average, which now resides around $66.45. With additional major support in the $65.25-$63.35 area, crude used the area as a launching pad. That said, another major barrier resides in the $89.03-$90.19 area.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
