* U.S. equity index futures suggest opening weakness
* Europe's STOXX 600 on course for third month of gains
* Dollar gains; gold ~flat, crude down
* U.S. 10-Year Treasury Yield ~1.64%
April 30 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
FANG INDEX: MUZZLED ON THE CHARTS (0900 EDT/1300 GMT)
It's been an eventful week for the NYSE FANG+TM Index
as 6 of its 10 members reported their quarterly numbers. The index ended Thursday up around 0.5% for the week, and 7% for the month.
NYFANG is equal-weighted and includes 5 core FAANG stocks: Facebook , Apple , Amazon.com , Netflix
and Alphabet . It also includes another 5 actively-traded technology/growth stocks: Alibaba , Baidu , Nvidia , Tesla and Twitter
.
TSLA, GOOGL, FB, and AAPL reported Monday-Wednesday, while AMZN and TWTR announced results last night. With this, AMZN is quoted up around 2% , and is the only gainer ahead of the open in the group. TWTR is poised to fall around 13%.
Meanwhile, since the NYFANG ended a record run of 12-straight up days on April 13 , the index has been trapped in a range essentially defined by resistance at the 76.4%/78.6% Fibonacci retracement zone of its February/March slide which resides around 7,070/7,098. The 50% level, and the 50-day moving average, are acting as support now around 6,732:
With this, historical volatility measures have been collapsing. Daily Bollinger Band width has hit a more than 3-month low.
Thus, although the index has been muzzled shorter-term, it appears ripe for another round of more spirited action.
A close outside the support/resistance levels will have the potential to spark increased momentum and volatility.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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