Free Trial

Breaches Key Support

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

It has been pretty much one-way traffic during Asia-Pac trade, with equity markets pressured by the discovery of a new, aggressive COVID variant in Africa. The S&P 500 e-mini contract has found a bit of a base at 4,650, after shedding 1%. Our technical analyst has flagged the formation of a bearish shooting star pattern in the wake of Monday's price action. Tuesday's low is located just below today's base, providing the initial point of technical support. Those of a bullish disposition need to see fresh all-time highs in the contract, which would negate the significance of Monday's technical formation.

  • A quick reminder that U.S. markets will be subjected to a shortened trading session on Friday, owing to the Thanksgiving weekend. This will thin out broader liquidity.
  • In terms of the regional backdrop, all of the major equity indices are comfortably lower on the day, with the Nikkei leading the way, shedding ~3%. The Hang Seng Tech Index has seen extra pressure creep in on the back of a BBG source report which suggested that "Chinese regulators have asked Didi Global Inc.'s top executives to devise a plan to delist from U.S. bourses." The sources noted that "the country's tech watchdog wants management to take the company off the New York Stock Exchange because of concerns about leakage of sensitive data." Still, the sources highlighted that no final decision re: the matter has been made. With the possibility for some backtracking evident.