Daily Market Outlook, March 24, 2023

Daily Market Outlook, March 24, 2023Yellen Flip Flop Leaves Markets Mixed Into The WeekendAsian equities retreated as investors paired risk exposure into the weekend, inline with Wall Street. Investors have been buffeted by a round of mixed signals from Treasury Secretary Yellen who remained non committal regarding deposit backstopping, hintinting that such a move remained on the table, which left investors in a dilemma between the widely viewed dovish hike by the Fed and ongoing banking concerns, considering another weekend of uncertainty it seems investors would rather wait for some clarity before deploying risk capital.UK retail sales released this morning have surprised market watchers as the headline print displayed a 1.2% rise in sales volumes (including fuel) in February, the intermonth strength has been somewhat countered by an overall annual declinePreliminary UK March flash PMIs released this morning will give a timely update on economic trends indicating whether or not February’s advance was a nascent trend or anomaly. PMI reports in both the Eurozone and the US will also be parsed by investors for further signs of continued improvements as both are expected to nudge above the pivotal 50 expansionary level. US durable goods orders for February are expected to see a 1.7% increase countering January’s losses.FX Options For 10am New York Cut EUR/USD: 1.0800 (EU1.83B), 1.0600 (EU1.45B), 1.0700 (EU784.8M)    USD/JPY: 133.00 ($865.1M), 130.00 ($830M), 133.75 ($748.6M)   USD/CNY: 7.36 ($1.43B), 7.37 ($959.2M), 7.25 ($870M)  AUD/USD: 0.6700 (AUD668.8M), 0.6500 (AUD399.9M), 0.7000 (AUD377.2M)      USD/CAD: 1.3720 ($562.4M), 1.3600 ($454.9M), 1.3500 ($435M)GBP/USD: 1.2100 (GBP320M)EUR/GBP: 0.8900 (EU635.3M) Overnight News of NoteDow Futures Drop As Investors Weigh Bank Troubles, Fed DecisionAustralia PMI Composite Dropped To 48.1, Renewed ContractionNew Zealand Foreign Minister To Discuss Security With Chinese CounterpartKey Measure Of Japan Inflation Reaches Highest Level In 41 YearsJapan's Factory Activity Contracts For Fifth Month - PMIEU Regulators To Rethink Liquidity After Credit Suisse UnravelsDollar Steady After Fed's Rate Pause Hints, Yen RisesStanchart CEO: Credit Suisse Bond Wipeout Had Profound ImpactOil Edges Lower Amid Bank Concerns, Caution On Stockpile RefillRocky Road To Toshiba Deal Raises Doubts About A Future Comeback(Sourced from Bloomberg, Reuters and other reliable financial news outlets)Technical & Trade ViewsSP500 Bias: Intraday Bullish Above Bearish Below 3985Primary resistance is 4078Primary objective is 3804Above 4040 opens 407820 Day VWAP bullish, 5 Day VWAP bearishEURUSD Bias: Intraday Bullish Above Bearish below 1.0830Primary support  is 1.0730Primary objective is 1.1000Below 1.0805 opens 1.073020 Day VWAP bullish, 5 Day VWAP bullishGBPUSD Bias: Intraday Bullish Above Bearish below 1.2280Primary support  is 1.2265Primary objective 1.2411Below 1.2170 opens 1.210020 Day VWAP bullish, 5 Day VWAP bullishUSDJPY Bias: Intraday Bullish above Bearish Below 132.50Primary resistance  is 135.15Primary objective is 130.00Above 136 opens 137.9020 Day VWAP bearish, 5 Day VWAP bearishAUDUSD Bias: Intraday Bullish Above Bearish below .6696 Primary resistance is .6740Primary objective is .6950Below .6560 opens .645020 Day VWAP bearish, 5 Day VWAP bullishBTCUSD Intraday Bias: Bullish Above Bearish below 26500Primary support 23000Primary objective is 30000Below 23000 opens 2240020 Day VWAP bullish, 5 Day VWAP bearish