Credit Suisse 1/6: Key #StockMarket Themes:
#SP500 strength has extended to the top of its multi-year channel at 4125/30, with the market now seen moving into typical “extreme” territory. Our bias though is for the rally to extend further yet to our Q2 objective at 4200,
Credit Suisse 2/6: where we would then be highly alert to signs of a potential top and correction/consolidation.

#Nasdaq100 is not unsurprisingly seeing a pause at its 13880 record high but with a bullish “outside day” & “head & shoulders” base in place we continue to look for a
Credit Suisse 3/6: break to a new record high for a move to our 14000/10 long-held “measured triangle” objective, then our 14380 new revised higher objective.

#Russell2000 continues to struggle though & we remain of the view may be seeing the formation of a “right-hand shoulder”
Credit Suisse 4/6: to a potential and large “head & shoulders” top.

#EuroStoxx50 maintains its break above pivotal long-term resistance from the point-of-breakdown from the GFC at 3900/06 and we stay bullish for 3995/4000 next.
Credit Suisse 5/6: #FTSE100 maintains its bullish “triangle” pattern, despite the recent setback and we expect further strength to 7004 next, the key low from October 2019.

#Nikkei225 may be in the process of forming a bullish “triangle” continuation pattern.
Credit Suisse 6/6: #ShanghaiComp has fallen as expected to retest its recent low and 63-day average at 3378/73. We stay biased lower for a move below here to retest 3328/17.

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More from @Francesc_Forex

14 Apr
UBS 1/4: Don't expect the #volatility lull to last.
Wall Street’s most prominent gauge of investor anxiety, #VIX index of implied stock #volatility, closed at a fresh pandemic-era low near 16.7 last week. But we see reasons to expect periodic bouts of higher volatility near term
UBS 2/4: First, investors are likely to be torn between optimism over accelerating growth and worries over higher inflation. Second, optimism over the course of the pandemic is being tested by the spread of new variants of the virus.
UBS 3/4: Finally, we expect volatility to be driven by increased institutional and retail activity in the options market, along with the increased share of growth stocks in major indexes. However, investors can take advantage of this backdrop.
Read 4 tweets
14 Apr
ING Bank 1/5: Latest #eurozone production figures are weak, but the future looks bright
Industrial production in the eurozone is being held up by input shortages at the moment. This will lead to weaker growth in the first quarter, but underlying demand is strong and that makes us
ING Bank 2/5: upbeat about prospects for the bloc as it reopens later in the year.
February industrial production showed a decline of 1% compared to January. Production had fully recovered to pre-pandemic levels at the start of the year but dipped back later.
ING Bank 3/5: The decline will mean that the manufacturing contribution to GDP may disappoint a bit given the strong performance seen in the fourth quarter, adding to our view of another GDP contraction in 1Q before the economic rebound starts.
Read 5 tweets
14 Apr
Deutsche Bank 1/4: Talking of #vaccines, while we went into yesterday expecting that the CPI reading would dominate attention, the bigger news story instead turned out to be on the pandemic, as the US authorities recommended that the Johnson & Johnson vaccine be paused
Deutsche Bank 2/4: after there were 6 reported cases of a severe blood clot. Though this was among a total number of over 6.8 million who’d received the vaccine in the US, all of the cases happened in women aged between 18 and 48, with symptoms occurring 6-13d after #vaccination
Deutsche Bank 3/4: We should hear more on the issue shortly, with the CDC saying that they’d convene a meeting of the Advisory Committee on Immunization Practices today to look further at the cases. Nevertheless, the move is already having ramifications elsewhere,
Read 4 tweets
14 Apr
OCBC Bank 1/4: Overall, the #DXY index was left south of the 92.00 support. This leaves the near-term technical picture bearish for the broad USD, with the immediate target at the 55-day MA (91.52). This round of USD weakness is EUR- and JPY-led, rather than cyclicals-led as in
OCBC 2/4: the case in early-Feb & mid-March. Overlay this with resurgence of confirmed cases in places like India & Canada, & the J&J vaccine set-back, this lack of reaction from the cyclicals may be a reflection that the vaccination / recovery positives have been fully priced in
OCBC Bank 3/4: Large short positions for the likes of AUD and CAD were pared among the non-commercial accounts were pared in 2H 2020, but there is no sign of net longs building this year. Overall, there is room to question the structural global recovery / weak USD theme.
Read 4 tweets
14 Apr
Forex Live 1/5: FX #options expiries for 14 Apr 10am NY cut
There are some sizable ones layered for #EURUSD closer towards 1.1900 but also near current levels, even for tomorrow, so that might attract price action with key resist seen closer towards 1.1990-00 region at the moment ImageImage
Forex Live 2/5: That said, the dollar looks vulnerable across the board with 10-year #Treasury yields also sitting on the cusp of a soft bottom closer to 1.60%, so there's that to consider.

Going over to #USDJPY, that has seen the pair fall below 109.00 - where there are some
Forex Live 3/5: modest and chunky expiries seen this week.
Technically speaking, the break below 109.00 also sees the pair likely to push lower to test the 23 March low @ 108.40 so this just adds to the conviction.

All of that ties together with general dollar sentiment and how
Read 5 tweets
14 Apr
Citibank 1/7: US #CPI strong on transitory components & solid shelter prices
Citi analysts take – the strong increase in March US core CPI released overnight is in line with upside surprises expected in the coming months as a number of components normalize.
Citibank 2/7: Key shelter prices in CPI however show signs of potential earlier-than-expected firming with another solid increase in owners’ equivalent rent (OER), the key shelter price component of consumer price inflation and the largest share of CPI.
Citibank 3/7: Overall, US core CPI in March rises 0.339%MoM, stronger than consensus for 0.2%. Meanwhile core CPI YoY rises to 1.6% and headline CPI gains 0.6%MoM on strength in energy (+5%) and food (up a modest 0.1%).
Read 7 tweets

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