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