* U.S. equity index futures mixed
* Eyes on Fed meeting's minutes
* Euro STOXX 600 index up ~0.5%
* Dollar ~flat; gold, crude, bitcoin gain
* U.S. 10-Year Treasury yield down for 7th day, now ~1.31%
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SOME INTERESTING MARKET TURNS, THIS PAST MARCH (0900 EDT/1300 GMT)
In Shakespeare's play "Julius Caesar," a soothsayer issues a warning: "Beware of the Ides of March."
As it turns out, value investors should have heeded that warning this year, given that the S&P 500 Value index /S&P 500 Growth index ratio put in a high that month. On Tuesday, the value train suffered another derailment.
There was also another significant turn that developed in March. That is, small caps and micro caps peaked in relative strength vs the S&P 500:
In mid-March, on a weekly basis, amid an on-going speculative surge in so-called meme stocks, the iShares Russell 2000 ETF / SPDR S&P 500 ETF Trust ratio hit a 2-1/2 year high. However, the ratio failed right at a resistance line from early 2014, and has since fallen to an 8-month low.
Also in March, the iShares Microcap ETF /SPY ratio hit its highest level since early April, 2014. However, it was also repulsed by a resistance line. In this case, its line was from 2006.
Since failing at this barrier, the IWC/SPY ratio is on the back foot and is now flirting with its May trough, which was its lowest level since January.
Since topping in March, the IWM is down around 4%, while the IWC has lost around 7%. Against this, the SPY has advanced more than 16% from its early-March low.
So far, the market has weathered dissipating energy, and outright decline, in its more speculative segments well. This as an index that includes 10 of today's highly-traded tech titans, the NYSE FANG+TM index has surged around 20% from its March trough.
That said, amid fear of a black swan , renewed animal spirits across more speculative market segments and a resumption of broader participation in the form of a new high in the Nasdaq advance/decline line , may be needed to stave off any ill effects of the March turns.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views expressed are his own)