CONSUMER STAPLES: Couche-Tard: pushes on

• In the equity space, Monday’s initial sell-off in the {US} S&P E-Minis contract and breach of support at 5948.00, the Jan 27 low, strengthens a bearish threat and cancels - for now - a recent bullish theme. An extension down would open 5892.37, 76.4% retracement of the Aug 5 - Dec 6 bull leg. Initial resistance is at 6069.00, Tuesday’s intraday high. Gains are considered corrective, however, a stronger rally would expose key resistance at 6178.75, the Dec 6 high. {EU} EUROSTOXX 50 futures have recovered from Monday’s low. However, the sharp reversal lower earlier this week signals the end of the recent bull run - for now - and the start of a corrective cycle. Price has traded through the 20-day EMA, at 5170.66. A resumption of the bear leg would pave the way for a move towards the 50-day EMA, at 5065.54. On the upside, key resistance and the bull trigger has been defined at 5327.00, the Jan 31 high.

Pre-NY trade in the TYH5 109.00 puts sees ~8.6K lots change hands at 0-26 over multiple clips, initially triggered by a seller.

G10 FX continues to benefit from the broad USD weakness into the crossover - with the latest phase of USD sales helping EUR/USD through the 50-dma resistance at 1.0413. This narrows the gap with 1.0440.

• Core US yields remain a key driver of the move, as markets pick up the prevailing theme from late Tuesday
• JPY strength still stands out on the overnight wage numbers: The break lower today for USD/JPY marks a major technical shift and expands the downside range, with markets looking to 151.06 as the next significant support below 152.55 - a retracement that's currently containing the sell-off.
• Late January lows at 153.72 were twice tested, a level that coincided with the 50% retracement for the upleg posted off the December low, raising the significance of this morning's price action.