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JGB TECHS

(U2) Solid Bounce Into the Close

USDCAD TECHS

Bullish Price Structure

AUDUSD TECHS

Clears Key Support

EURJPY TECHS

Retracement Mode

COMMODITIES

Oil Supply Constraints Trump Lower Demand

USDJPY TECHS

Pullback Considered Corrective

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US STOCKS
After a firmer open, stocks trading mildly weaker -- with buying of session lows around midday. With S&P eminis trading -21.75 (-0.48%) at 4508.75 -- ESM2 holding above key support of 4440.90 50-day EMA.
  • A clear break of this average would be seen as a bearish development with the next key support at 4320.25 Low Mar 17. Dow currently trades -85.59 (-0.25%) at 34589.31, and Nasdaq -64 (-0.4%) at 14156.02.
  • No obvious headline driver for support evaporating around midmorning except perhaps crude prices bouncing off lows after Thu's sell-off on record SPR release (1M bbl/day) by US. WTI still sub-$100/bbl at 99.35 around midday.
  • New month/quarter underway -- early risk on as month-end rebalance buying in Tsys evaporated. March jobs data in-line (+431k w/Feb uprevised to +750k). Note, while Tsys are off lows, broad based yield inversion (recession signal despite recent Fed talk) has spread w/ 2s10s falling to -6.512 inverted low.
  • SPX leading/lagging sectors: Real Estate (+.96%) followed by Energy sector (+0.33%) lead by energy equipment and services. Laggers: Industrials (-1.4) weighed down air freight, road and rail sectors.
  • Dow Industrials Leaders/Laggers: Visa strong (V) +3.78 at 225.55 while Home Depot (HD) bounces slightly (+1.28 at 300.61) after weeks of selling pushed it to lowest levels since Mar 2021.Caterpillar (CAT -3.29 at 219.53, while Boeing (BA) declines 2.07 to 189.43.
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com

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