Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew March 5 2024

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Tech Diverges, Bitcoin and Gold a breath from ATH

Good Morning,

At the moment equities are not too happy with start of the National People's Congress in China. The Growth target seems quite ambitious but there seems not as much stimulus as expected. Equities are trading a little lower globally lead by China and Hong Kong.

The US 500 ist at 5118, the US Tech 100 NAS at 18147, the GER40 17635 and the Japan 225 40070. The Hongkong 50 lost 2.3% to trade at 16180.

Yesterday, Apple was hit with a USD 2 billion fine and loses 2.5%, Tesla reports the lowest shipments from the Chinese plant in more than a year and lost 7%.


One noteworthy development in US Tech s the fact that there is quite a divergence in the shares formerly known as the magnificent 7, now they are sending mixed signals as Kim points out:

Technical Update Equities - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia & Tesla

  • Alphabet C - Broken bearish after taken out support. Next support at 130.37
  • Amazon – Strong uptrend with potential to 188.65 previous all-time high
  • Apple – Broken bearish. No support until around 166.90
  • Meta – Uptrend intact key support 453
  • Microsoft – Still uptrend but stalling a bit. Key support at 397
  • Nvidia – FOMO. Massive bubble but can continue higher. See my latest Technical update where an indicator is pointing to 1,037
  • Tesla – Tesla failing to close gap. Resuming bear trend likely, could drop to 180 possibly lower

Yields and the USD Index moved only minutely, the 10 year yield is 4.20 and the USD Index 103.90. EURUSD 1.0850, GBPUSD 1.2676 and USDJPY 150.47.

Where it gets interesting is Gold, Silver and Bitcoin at 2115, 23.80 and 67200.  Gold and Bitcoin are near the highs, Siver is also strong but is far away from the early eighties high near 50. Key should be the Bitcoin and or Gold either breaking to new all time highs or a rejection.

In his Volatility Report, Koen says: This week's volatility report outlines key trade setups for NDX, CAC40, CRWD, and MDB, targeting respective market movements. Amidst varying market conditions, we offer strategies ranging from bullish to bearish, emphasizing the critical nature of managing in-the-money options to avoid assignment risks as expiration nears.

Today we expect international PMI before heading into the busy second half of the week with Powells testimony and the Beige Book tomorrow

- Data Japan CPI, International PMI, US Factory Orders M. Barr speaks
- Earnings: Thales, Lindt & Sprüngli, Bayer, Ferguson, Ross Stores, Franco-Nevada, CrowdStrike Holdings, Target

- Data AU GDP, Canada Rate decision, Powell testifies, Beige Book, Kashkari speaks
- Earnings: Deutsche Post, Brown-Forma, Legal & General, Merck KGaA,

- Data China Trade Data, ECB rate decision, Initial Jobless claims  Powell testifies, Mester speaks
- Earnings: MTR Corp, Techtronic Industries, PRADA, Costco Wholesale, Broadcom, Marvell, Mongo., Samsara, Kroger, Continental.

- Data EU GDP, Nonfarm Payroll , Biden delivers the state of the Union
- Earnings: Oracle, China Unicom, ZTEmi




The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.