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U.S. equity index futures slightly red
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U.S. Mar ADP national employment 145k vs 200k estimate
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U.S. Feb trade balance -$70.5 bln vs -$69.1 bln estimate
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Euro STOXX 600 index off ~0.2%
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Dollar ~flat; gold, bitcoin rise; crude slips
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U.S. 10-Year Treasury yield falls to ~3.32%
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NASDAQ COMPOSITE: BUMPING UP AGAINST A CEILING? (0900 EDT/1300 GMT) Equity market bulls were heartened last week as the Nasdaq Composite broke out above the weekly resistance line from its November 2021 record high. That said, the IXIC's late-2022 high remains an especially strong ceiling:
In September of last year, the Composite put in a high at 12,270.189. After hitting new lows later in the year, the IXIC then rallied into an early February high at 12,269.555. After stalling less than one point from the September high, the IXIC suffered another pullback into mid-March. With a three-week rally, and last week's thrust above the resistance line, the Composite hit a high of 12,227.932, before ending at 12,221.907. Thus, it ended last week only around 42 points, or 0.3%, from the September high. So far this week, the IXIC's high is 12,224.68 on Tuesday, the IXIC ended at 12,126.327, putting it down about 0.8% this week.
Now, in the wake of the release of below expectations ADP national employment data at 0815 AM EDT, e-mini Nasdaq 100 futures are suggesting a slight Nasdaq 100 index dip at the open. In any event, traders will be focused on whether the Composite can re-group, and ultimately break through the ceiling, potentially clearing the way for further gains.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
