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US Sell-Off Abates as Bounce in Tech Steadies Indices

EQUITIES
  • Following the sharply negative Wall Street close on Friday, it was a particularly poor start for Asia-Pac and European indices. This was the same case for the cash open in the US, but sentiment appeared to find a floor and recovered after the London close. Tech and growth names led the bounce, with heavy hitters including Netflix, Amazon and Tesla all trading well in a reversal of recent weakness.
  • The bottom in stocks coincided with a statement from Russian foreign minister Lavrov, who saw grounds for further discussions between Russia and the West - a proposal which Russian President Putin duly accepted. The signs of progress helped markets recover off bottom, with the threat of invasion in eastern Ukraine seen tapering off in the very near-term.
  • The e-mini S&P failed to hold above the 50-day EMA - at 4555.49. This average still represents a firm resistance and a clear breach of it is required to suggest scope for a stronger rally that would open 4671.75 initially, Jan 18 high. The Jan 10 candle pattern is a bearish engulfing reversal, signalling a potential top and the recent move lower reinforces the pattern. A deeper pullback would expose 4212.75.
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