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U.S. equity index futures green: Nasdaq 100 up ~0.8%
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U.S. Mar housing starts > est; building permits < est
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Euro STOXX 600 index up ~0.6%
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Dollar, crude lower; gold, bitcoin gain
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U.S. 10-Year Treasury yield ~flat at ~3.59%
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DOW INDUSTRIALS: TRYING TO MAKE THE LEAP (0900 EDT/1300 GMT) Since forming what appeared to be a bullish pennant earlier this month, the Dow Jones Industrial Average has thrust to the upside and is now attempting to make the leap over trend line resistance from its record high:
The resistance line from the Dow's January 2022 record high is proving to be a tough hurdle to clear.
Over the past three sessions, the DJI has managed two slight
closing penetrations of this line. On Monday, the blue-chip
average ended at 33.987.18 which put it less than 0.1% above the
line at around 33,962. The line will dip to around 33,947 on
Tuesday.
Meanwhile, in the wake of mixed quarterly reports from two
Dow constituents, Johnson & Johnson and Goldman Sachs , as well as housing data, just ahead of Tuesday's open,
e-mini Dow futures are suggesting the DJI is poised to
push higher by around 30 points at the open, as it attempts to
clearly overwhelm the line.
On strength above Friday's 34,082.94 intraday high, the Dow
faces resistance at its January to February highs. These highs
were all packed in a tight range, all lower, and were all capped
by the resistance line. They were at 34,342.32, 34,334.70 and
34,331.47. The December 13 high was at 34,712.28.
A reversal below 33,947 would suggest risk that the DJI was
failing at the resistance line.
There is congestion support in the 33,634-33,572 area. The
50-day moving average ended Monday just over 33,100.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
