News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • The US 10yr Treasury yield has slightly risen from the one month low hit yesterday around 1.53% to currently trade around 1.57%. Yields remain depressed compared to their levels from late March/early April. $USD https://t.co/uJJHXPaOhm
  • Retail CFD traders (at IG) have built up their heaviest short and net short position on the $SPX since we hit the peak at the beginning of September: https://www.dailyfx.com/sentiment https://t.co/IGK0KKRwwB
  • Hey traders! Wrap up the week with a quick market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/qLtlinTzj8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.60%, while traders in Germany 30 are at opposite extremes with 75.74%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ABFYsKg28Y
  • USD/ZAR retraces from critical resistance. USD/CHF clings to Fibonacci Support. Get your market update from @Tams707 here:https://t.co/ZHO0NcWrNH https://t.co/6yIThyzgIc
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.75% Silver: 0.70% Oil - US Crude: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/li17mUV2lM
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.33% 🇨🇭CHF: 0.32% 🇬🇧GBP: 0.29% 🇯🇵JPY: -0.05% 🇦🇺AUD: -0.24% 🇳🇿NZD: -0.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GqwVh4uET8
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.26% US 500: 0.15% FTSE 100: 0.13% Germany 30: 0.06% France 40: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/B1Zl2feWC7
  • #Bitcoin is trading slightly lower today. The crypto bounced off support at the 60,000 level earlier and is now trading around 61,750. $BTC https://t.co/HfBcZdYwTh
  • Consumer Sentiment printed below expectations at 86.5 vs. forecast of 89.6. Get your market update here:https://t.co/WRbnfBZv57 https://t.co/WgAmMLkX19
Nasdaq Fell While Oil Gained, Nikkei 225 and ASX 200 Held Steady amid Tech Rout

Nasdaq Fell While Oil Gained, Nikkei 225 and ASX 200 Held Steady amid Tech Rout

Margaret Yang, CFA, Strategist

NASDAQ 100, NIKKEI 225, ASX 200 INDEX OUTLOOK:

Crude oil, US Data, Tech selloff, Asia-Pacific at Open:

The Nasdaq 100 index fell 1.68% as investors continued to rotate out from tech into cyclical stocks, pulling the other two major US equity indices into the negative territory. The energy sector was boosted by a 5% rally in crude oil prices after the Suez Canal was blocked by a giant container ship. The incident may affect around 10% of the world’s total seabound oil trade, and thus serve as a temporary positive catalyst for oil prices.

Overnight US data were not particularly encouraging, with durable goods orders in February contracting by 1.1% MoM, compared to a baseline forecast of 0.8% growth. This suggests that business spending on equipment in the month may have cooled due to extreme cold weather conditions. Meanwhile, the Markit Manufacturing PMI reading came in at 59.0, which missed analysts’ forecast of 59.3, but still showed a robust recovery in manufacturing activity. It is worth noting that the new orders measure jumped to the highest since June 2014.

Sentiment remains fragile as the haven-linked US Dollar and Treasuries are still on bid. The DXY US Dollar index climbed to 92.53 - its highest level since November 23rd. The 10-year Treasury yield receded for a fourth day to 1.61% as the 5-year note auction went smoothly on Wednesday. The 7-year note auction will be closely watched on Thursday.

Markit US Manufacturing PMI (March)

Nasdaq Fell While Oil Gained, Nikkei 225 and ASX 200 Held Steady amid Tech Rout

Source: Bloomberg, DailyFX

It appears that the energy sector is doing the heavy-lifting across Asia-Pacific markets, while information technology remains a lag. Australia’s ASX 200 index opened marginally higher, led by energy (+1.90%), health care (+0.34%) and real estate (+0.30%) sectors, whereas information technology (-1.13%), utilities (-0.44%) and consumer staples (-0.22%) trailed behind.

Japan’s Nikkei 225 index traded slightly higher at open after falling over 2% a day before. The index was weighed by BOJ’s decision to shift away from purchasing Nikkei 225 ETFs to buying only those tracking the Topix index. Meanwhile, a partial shutdown of a major semiconductor company added concerns about chip supplies to the auto industry.

Looking ahead, German GfK consumer confidence headlines the economic docket alongside US final Q4 GDP growth and initial jobless claims data. Find out more from theDailyFX calendar.

Looking back to Wednesday’s close, 5 out of 11 S&P 500 sectors ended higher, with 50.9% of the index’s constituents closing in the green. Energy (+2.52%), industrials (+0.73%) and materials (+0.69%) were among the best performers, while communication services (-1.66%) and consumer discretionary (-1.52%) trailed behind.

S&P 500 Sector Performance 24-03-2021

Nasdaq Fell While Oil Gained, Nikkei 225 and ASX 200 Held Steady amid Tech Rout

Source: Bloomberg, DailyFX

Starts in:
Live now:
Apr 19
( 12:04 GMT )
Learn about trading global equities
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Nasdaq 100 Index Technical Analysis

The inverse “Head and Shoulders” pattern formed on the 4-hour chart suggests that the index could potentially embrace a bullish trend reversal. But a deeper pullback below the right “Shoulder” at 12,690 could invalidate this pattern and open the door for further downside potential. Immediate support and resistance levels can be found at 12,600 (the 23.6% Fibonacci retracement) and 13,050 (the 50% Fibonacci retracement) respectively.

Nasdaq 100 Index Daily Chart

Nasdaq Fell While Oil Gained, Nikkei 225 and ASX 200 Held Steady amid Tech Rout

Nikkei 225 Index Technical Analysis:

The Nikkei 225 index has likely formed a “Double Top” pattern at the 161.8% Fibonacci extension level of 30,455 and has retreated since. The 20-day SMA is about to cross below the 50-day line, potentially forming a bearish crossover. The MACD indicator is trending lower alongside prices, suggesting that downward momentum is prevailing.

Nikkei 225 IndexDaily Chart

Nasdaq Fell While Oil Gained, Nikkei 225 and ASX 200 Held Steady amid Tech Rout

Chart by TradingView

ASX 200 Index Technical Analysis:

The ASX 200 index bounced off the floor of the “Ascending Channel” and surged above the 50-day SMA line of 6,730 – an immediate resistance. The index appears to have entered a range-bound condition between 6,660 and 6,860 since early March, waiting for fresh catalyst for a clearer direction. The MACD indicator is trending below the neutral midpoint, showing that downward momentum is prevailing.

ASX 200 Index – Daily Chart

Nasdaq Fell While Oil Gained, Nikkei 225 and ASX 200 Held Steady amid Tech Rout
How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Margaret Yang, CFA
Improve your trading with IG Client Sentiment Data
Get My Guide

--- Written by Margaret Yang, Strategist for DailyFX.com

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES