LIVE MARKETS U.S. stock futures see wild overnight action

  • U.S. equity index futures volatile, now little changed
  • Euro STOXX 600 index ~flat
  • Dollar, gold slip; crude, bitcoin gain
  • U.S. 10-Year Treasury yield hits 1.85% now ~1.95%

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U.S. STOCK FUTURES SEE WILD OVERNIGHT ACTION (0900 EST/1400 GMT)

Fears of escalating tensions in Ukraine continue to grip markets. read more

At one point in Tuesday's early hours, coupled with the long holiday weekend, CME e-mini Nasdaq 100 futures were down as much as 3% from Friday's close. read more

With this, the futures hit their lowest level since early June of last year, and were down 18.1% from their Nov.-22 record intraday high:

NQcv10222022

However, the futures have since snapped back, and are now off less than 0.5% from Friday's close. read more

Additionally on the plus side, daily momentum oscillators are showing potential for a bullish convergence. Although, the futures are on pace for their lowest close in eight months, the RSI is well above its late-January trough. Of note, the RSI demonstrated a convergence pattern into the futures' March 2020 bottom.

That said, since the futures broke sharply lower in early January, the descending 30-day moving average has capped strength. This shorter-term moving average, is now around 14,750, and continues to press down on NQcv1 price action. read more

Meanwhile, e-mini S&P 500 and Dow have also recovered off their overnight lows and now posting just modest losses. E-mini Russell 2000 futures have turned slightly positive.

(Terence Gabriel)

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Terence Gabriel is a Reuters market analyst. The views expressed are his own

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