AUSSIE 3-YEAR TECHS: (H5) Resistance Remains Exposed
- RES 3: 97.190 - High May 5 2023
- RES 2: 96.730/932 - High Sep 17 / 76.4% of Mar-Nov ‘23 bear leg
- RES 1: 96.360 - High Dec 11
- PRICE: 96.190 @ 19:38 GMT Mar 6
- SUP 1: 95.900 - Low Jan 14
- SUP 2: 95.760 - Low 14 Nov ‘24
- SUP 3: 95.480 - Low Jan 11 2023 and a major support
Aussie 3-yr futures have pulled back from their most recent highs - a correction. A resumption of gains would signal scope for 96.360, the Dec 11 high. Clearance of this level would open 96.730, the Sep 17 ‘24 high. On the downside, a stronger reversal lower from current levels would signal a resumption of the downtrend. A deeper sell-off would refocus attention on 95.760, the 14 Nov ‘24 low.
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US TSYS/SUPPLY: February Refunding Instant Answers
- Is the guidance on issuance unchanged? “It does not anticipate needing to increase nominal auction sizes for at least the next several quarters”
EURJPY TECHS: Bearish Outlook
- RES 4: 164.90 High Dec 30 and a key short-term resistance
- RES 3: 164.08 High Jan 24
- RES 2: 161.97 50-day EMA
- RES 1: 160.70 High Feb 4
- PRICE: 160.51 @ 16:45 GMT Feb 4
- SUP 1: 157.97 Low Feb 3
- SUP 2: 156.99 Low Dec 4
- SUP 3: 156.18 Low Dec 3 and a key support
- SUP 4: 1155.15 Low Sep 16 ‘24
EURJPY traded to a fresh short-term cycle low Monday, confirming a resumption of the bear leg that started Dec 30 last year. An important retracement point at 158.24, 76.4% of the Dec 3 - 30 bull cycle, has been pierced. A clear break of it would signal scope for an extension towards 156.18, the Dec 3 low. On the upside, initial firm resistance to watch, and a pivot level, is 161.97, the 50-day EMA.
US STOCKS: Late Equities Roundup: Holding Gains, Energy & Chips Stocks Leading
- Stocks continue to extend late session highs as concerns moderate over the Trump administration's trade policy, China tariff tit-for-tat notwithstanding. Currently, the DJIA trades up 153.9 points (0.35%) at 44573.8, S&P E-Minis up 41.5 points (0.69%) at 6063.75, Nasdaq up 241.9 points (1.2%) at 19633.39.
- Energy and Information Technology sectors continued to lead gainers in late trade, oil and gas stocks supporting the former: Marathon Petroleum gaining 6.75% after beating earnings estimates while lowering capacity to 85% to improve margins. Meanwhile, Valero +4.66%, APA Corp +4.47% and Phillips 66 +4.02%.
- After trading weaker the last few sessions, the Information Technology sector gained on support from semiconductor makers: Monolithic Power +4.13%, Advanced Micro Devices +3.96%, Enphase +3.93% and Nvidia +2.06%. Of note, software solutions heavyweight Palantir surged 22.63% on strong earnings and guidance.
- On the flipside, Utilities and Consumer Staples sectors continued to underperform in the second half, multi energy producers weighing on the former: Dominion Energy -4.21%, Edison Int -1.3% and NextEra Energy -1.25%. On Consumer Staples, Estee Lauder fell nearly 17% after announcing 7,000 job cuts and to book charges of $1.2 billion to $1.6 billion before tax. Elsewhere, Clorox declined 6.78%, PepsiCo -4.67% and Archer-Daniels-Midland -3.44%.
- Additional earnings announcements expected after the close: Snap, Alphabet Inc, Match Group, Amgen, Advanced Micro Devices, Lumen Technologies, Simon Property Group, Enphase Energy, Electronic Arts, Omnicom Group and Juniper Networks Inc.
