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A Short-Lived Dip Lower

US STOCKS
  • The S&P 500 e-mini has hit fresh session lows, stopping just half a point above Friday’s post-data low of 5232.75 before bouncing 10 points.
  • The latest decline has been aided by a succession of moderately-sized sell programs rather than any obvious macro-relevant headlines.
  • Support is seen at 5136.79 (50-day EMA) but bulls are seen in the driving seat from a technical trend with resistance at 5264.00, Friday’s high also touched today.
  • SPX upside drivers are primarily limited to IT (+0.6%, driven by Apple +1.9% on reports of an OpenAI deal nearing) whilst there are widespread declines across most other sectors. One of the more notable is communication services (-0.5%), driven by large declines from Alphabet (-1.2%, in the flipside to the OpenAI reports) and Meta (-1.8%).
  • OpenAI has more recently launched a new flagship AI model called GPT-40, including voice and text inputs and outputs.
  • E-minis comparison: S&P 500 -0.03%, Nasdaq 100 +0.2%, Dow -0.2%, Russell 2000 +0.3%
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