S&P 500 E-mini index Future (Current: 4540)

US equities ending the last day of the first quarter with a negative close. Yesterday's sell-off accelerated into the close with the spot index closing lower by 1.56%, while the Futures was lower by 1.42%. As noted on Tuesday morning, the long side reward to-risk had become unattractive following the strong rally since 15 March, thus the moderate 3-day retracement should be expected. Following the rally from the lower boundary of the falling wedge structure, the price cleared the 1st quarter swing highs (Tuesday's session) however has failed to hold above this level (i.e. 4588) while the index has also retraced more than 50% of it's decline from the year-to-date peak. This morning, US futures are attempting to reclaim some of yesterday's losses however, upside momentum is being during mid-session Asia, pre-market Europe.

Expect the index to remain muted until this afternoon's US March Non-Farm Payroll release (2:30pm, SA).
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