U.S. equity index futures point to sharp opening losses Jan NY Fed Manufacturing index well below estimate Euro STOXX 600 index slides ~1%% Dollar, crude rise; gold ~flat; bitcoin dips U.S. 10-Year Treasury yield rises to ~1.82% Jan 18 - 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 AS NASDAQ 100 FUTURES TUMBLE, ALL EYES ON YIELDS (0900 EST/1400 GMT) Futures tracking the technology-heavy Nasdaq 100 index (.NDX) are slumping around 1.5% on Tuesday as traders return from a long holiday weekend to position for a more hawkish Federal Reserve ahead of a policy meeting next week. This, after the U.S. 10-Year Treasury yield held support last week in the 1.7050%/1.6930% area. Indeed, the yield hit a low of 1.6940% on Thursday and has since vaulted to a high of 1.8550% on Tuesday. Meanwhile, the rolling 10-day correlation between CME e-mini Nasdaq 100 futures and the 10-Year yield, hit -0.88 last week, or a near perfect negative correlation (-1). On Tuesday, the reading has moved up, but remains a robust -0.72. Of note, however, with its 1.8550% high, the 10-year yield neared a weekly Gann line on the charts, which now resides around 1.87%: US10YYGF01182022 US10YYGF01182022 A Gann fan is a series of lines drawn at specific angles from important highs and lows. The line in question capped the yield rise into late-March 2021, which then led to a significant decline. The yield has since backed away slightly. Thus, traders will be watching to see where the yield finishes on a weekly basis vs this Gann line. A reversal, which takes out 1.6930%, can suggest the potential for a greater fall in yield. And if the inverse correlation with the Nasdaq 100 futures holds up, it would likely coincide with a recovery in tech/growth shares. A weekly yield close above 1.87%, however, can suggest room for a much greater rise in yields based on the Gann chart. Additional lines are above 2.20%. In that event, with a still strong negative correlation, the Nasdaq 100 futures could be vulnerable to a much greater fall. (Terence Gabriel) ***** FOR TUESDAY"S LIVE MARKETS" POSTS PRIOR TO 0900 EST/1400 GMT - CLICK HERE: read more