Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul>
<li>In our “out of the box” series, we aim at being ahead of the current consensus narrative and think of the next theme that could drive price action before anyone else has given it any noteworthy attention.</li>
<li>This week we look at four reasons why the curve steepener is now the trend to watch! There are four reasons for the USD curve steepening now</li>
<li>The issuance profile will move towards longer durations, the BoJ decision has decreased Japanese incentives to buy USTs, the Manufacturing rebound will add to steepening pressures, positioning is already loaded with duration</li>
</ul>


In our “out of the box” series, we aim at being ahead of the current consensus narrative and think of the next theme that could drive price action before anyone else has given it any noteworthy attention.
This week we look at four reasons why the curve steepener is now the trend to watch! There are four reasons for the USD curve steepening now
The issuance profile will move towards longer durations, the BoJ decision has decreased Japanese incentives to buy USTs, the Manufacturing rebound will add to steepening pressures, positioning is already loaded with duration


Out of the Box #14: 4 Reasons Why Curve Steepening Is Now on the Cards

Founder & Chief Market Strategist - SAV Markets, SAV Markets

Shyam Devani

Founder & Chief Market Strategist - SAV Markets

Provide Comprehensive Analysis & Commentary

SAV Markets

SAV Markets aims to provide comprehensive analysis & commentary on foreign exchange and asset markets. The approach is multi asset as markets are typically interlinked. Cause and effect are always at work, even if those effects take time to manifest. As nothing is permanent we strive to get ahead of the curve in an ever changing world.

Technical Analysis

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>The weekly &amp; monthly close on NDX gives a notable sell signal</li>
<li>Losses over the medium term towards 11k are expected to be seen</li>
<li>The Stocks/Bonds ratio also indicates a turn in trend in favour of Bonds here</li>
</ul>


The weekly &amp; monthly close on NDX gives a notable sell signal
Losses over the medium term towards 11k are expected to be seen
The Stocks/Bonds ratio also indicates a turn in trend in favour of Bonds here


<ul>
<li>Fixed Income markets have stabilised after the Fed including the relentless rise in short end (2Y) yields. Short term Bonds are not a sell</li>
<li>Equity markets have also stabilised with positive short term price action while there are too many bears</li>
<li>The USD has stabilised and showing early signs of a slip (ex USDJPY). Watch the price action</li>
</ul>


Fixed Income markets have stabilised after the Fed including the relentless rise in short end (2Y) yields. Short term Bonds are not a sell
Equity markets have also stabilised with positive short term price action while there are too many bears
The USD has stabilised and showing early signs of a slip (ex USDJPY). Watch the price action


<ul>
<li>This is a quick note to highlight some of the support levels on US 10 year and 30 year yields</li>
<li>As we go into the FOMC meeting, obviously anything is possible. These references may prove useful IF we are to see any corrections lower or even breaks to the downside </li>
<li>The recent price action on the daily chart however, for whatever it may be work, seems to indicate that we might actually rise in yields</li>
</ul>


This is a quick note to highlight some of the support levels on US 10 year and 30 year yields
As we go into the FOMC meeting, obviously anything is possible. These references may prove useful IF we are to see any corrections lower or even breaks to the downside 
The recent price action on the daily chart however, for whatever it may be work, seems to indicate that we might actually rise in yields


Short Term Levels on US Yields Going into the Fed

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>The false breakout in the Russell 2000 (IWM) tells us that the mixed market environment is back, and we no longer see a broad-based bull market.</li>
<li>Key supports: 4545 on S&amp;P 500, $383 on NDX (QQQ), $208 on Russell 2000 (IWM), $135 on MicroCaps (IWC), $76.50 on MSCI EAFE (EFA), $54 on MSCI ACWI exUS (ACWX)</li>
<li>If supports hold we expect more consolidation and mixed markets ahead. However, if supports start to break we would turn bearish as we would expect a more significant correction.</li>
</ul>


The false breakout in the Russell 2000 (IWM) tells us that the mixed market environment is back, and we no longer see a broad-based bull market.
Key supports: 4545 on S&amp;P 500, $383 on NDX (QQQ), $208 on Russell 2000 (IWM), $135 on MicroCaps (IWC), $76.50 on MSCI EAFE (EFA), $54 on MSCI ACWI exUS (ACWX)
If supports hold we expect more consolidation and mixed markets ahead. However, if supports start to break we would turn bearish as we would expect a more significant correction.


U.S. Equity Strategy: Major Indexes Testing Critical Supports; Buying Consumer Discretionary Stocks

United States

Legacy Government (Sovereign) Generic Index-key ticker

US 30Y (USGG30YR INDEX)

Out of the Box #14: 4 Reasons Why Curve Steepening Is Now on the Cards

In our “out of the box” series, we aim at being ahead of the current consensus narrative and think of the next theme that could drive price action...

Steno Research

Nasdaq 100 Breaks Down

The weekly & monthly closes on the Nasdaq 100 should be taken seriously as they highlight the danger of significant losses towards 11k over the...

Shyam Devani

The MAD Report - Cross Market Analysis

A weekly report looking at price action across major markets. In the short term both a stock market and a bond market squeeze seem possible in the...

Shyam Devani

Short Term Levels on US Yields Going into the Fed

A quick look at the support zone on US 30Y and 10Y yields as we prepare for the FOMC. If anything, a big if, we might be seeing signs of a rise in...

Shyam Devani

U.S. Equity Strategy: Major Indexes Testing Critical Supports; Buying Consumer Discretionary Stocks

Market dynamics have deteriorated along with the major averages, and many are testing critical supports; as long as supports hold we expect more...

Vermilion Research