NASDAQ 100, NIKKEI 225, ASX 200 INDEX OUTLOOK:Dow Jones, S&P 500 and Nasdaq 100 closed +0.32%, +0.70%, and +1.71% greater res
NASDAQ 100, NIKKEI 225, ASX 200 INDEX OUTLOOK:
- Dow Jones, S&P 500 and Nasdaq 100 closed +0.32%, +0.70%, and +1.71% greater respectively
- 10-year Treasury yield retreated barely to 1.693% from an intraday excessive of 1.725%
- Fed Chair Jerome Powell’s and Treasury Secretary Janet Yellen’s Home testimony will probably be in focus
| Change in | Longs | Shorts | OI |
| Day by day | -3% | 13% | 6% |
| Weekly | 16% | -7% | 2% |
Tech Good points, Volatility, Yields, Powell, Asia-Pacific at Open:
Wall Avenue equities closed broadly greater on Monday as expertise sector rebounded for a second day because the intently monitored 10-year Treasury yield dipped beneath the 1.70% mark from a 14-month excessive. Surging longer-ended yields seemed to be the first issue weighing on the efficiency of expertise corporations recently, because the latter provide comparatively low dividend yields and are of upper valuations. The Nasdaq 100 index climbed 1.70%, led by Intel (+2.93%), Apple (+2.83%) NVIDIA (+2.65%) and Microsoft (+2.45%).
Fed Chair Jerome Powell mentioned in a sworn statement ready for supply in a listening to that “The restoration has progressed extra rapidly than typically anticipated and appears to be strengthening. However the restoration is way from full… the Fed will proceed to supply the economic system the help that it wants for so long as it takes.” That mentioned, Powell is prone to reiterate his dovish stance in a joint look with Treasury Secretary Janet Yellen in a sworn statement earlier than the Home Monetary Providers Committee on Tuesday.
With a powerful restoration on the horizon and the Fed’s affected person stance on inflation, the VIX volatility index prolonged declines to a pre-Covid stage of 18.9, suggesting that the inventory market has most likely returned to a standing of complacency. Individually, the US Treasury is holding auctions for 2-year observe Tuesday, 5-year observe on Wednesday and 7-year observe on Thursday.
VIX – Volatility Index
Chart by TradingView
Asia-Pacific markets look set to open stronger on Tuesday following an honest US lead. Futures throughout Japan, mainland China, Hong Kong, South Korea, Taiwan and Singapore are pointing to commerce mildly greater amid improved sentiment and falling longer-dated Treasury yields.
Australia’s ASX 200 index opened up by 0.27%, led by utilities (1.10%), well being care (+1.08%) and actual property (+1.04%) sectors, whereas vitality (-0.62%) and shopper discretionary (-0.48%) lagged behind.
Japan’s Nikkei 225 index opened modestly greater after falling over 2% on Monday. The index was hammered by considerations over the chip provide to the auto business after Renesas Electronics –a significant automotive semiconductor- partially suspended manufacturing at a key plant following a hearth. The incident additionally led to a broad retracement in auto-related shares.
Wanting forward, UK employment adjustments and a slew of Fed official speeches are in focus amid a comparatively quiet day by way of macro occasions. Discover out extra from theDailyFX calendar.
Wanting again to Monday’s shut, 7 out of 11 S&P 500 sectors ended greater, with 55.6% of the index’s constituents closing within the inexperienced. Data expertise (+1.93%), shopper staples (+1.16%) and actual property (+1.12%) have been among the many finest performers, whereas financials (-1.30%) and vitality (-1.01%) lagged behind.
S&P 500 Sector Efficiency 22-03-2021
Supply: Bloomberg, DailyFX
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Mar 23
( 02:03 GMT )
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AUD/USD Buying and selling Preparation for the Week Forward
Nasdaq 100 Index Technical Evaluation
The Nasdaq 100 index has damaged above the “Descending Channel” with upward momentum. The index is about to type an inverse “Head and Shoulders” sample, which is normally perceived as a pattern reversing indicator and will open the door for additional upside potential. An instantaneous resistance stage will be discovered at 13,257 – the neckline of the sample. Breaking above this line would most likely intensify near-term shopping for energy and expose the following resistance stage of 13,400 – the 76.4% Fibonacci retracement.
Nasdaq 100 Index – 4-Hour Chart
Nikkei 225 Index Technical Evaluation:
The Nikkei 225 index has possible shaped a “Double Prime” chart sample on the 161.8% Fibonacci extension stage of 30,455 and has retreated since. The 20-day SMA is about to cross beneath the 50-day line, doubtlessly forming a bearish crossover. The MACD indicator is trending decrease alongside costs, underpinning bearish momentum.
Nikkei 225 Index – Day by day Chart
Chart by TradingView
ASX 200 Index Technical Evaluation:
The ASX 200 index bounced off the ground of the “Ascending Channel” and surged above the 50-day SMA line of 6,730 – a right away resistance. The index seems to have entered a range-bound situation between 6,660 and 6,860 since early March, ready for recent catalyst for a clearer course. The MACD indicator is trending beneath the impartial midpoint, exhibiting that downward momentum is prevailing.
ASX 200 Index – Day by day Chart
Beneficial by Margaret Yang, CFA
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— Written by Margaret Yang, Strategist for DailyFX.com
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