Another Fresh All-time High For S&P 500 E-Minis

The S&P 500 e-mini registers fresh all-time highs at 4,890.50 in recent trade. The 3 major e-mini futures contracts are 0.2-0.8% firmer, with the NASDAQ 100 leading the rally.

• Today’s move has been gradual, with support from a fresh round of demand in core global FI markets, a recovery from lows in crude oil futures and equity-supportive words from the Chinese State Council seemingly feeding in over the last few hours.
• Geopolitical worry surrounding the Middle East and a heavy round of trade for Chinese & HK equities seemed to cap the initial Asia-Pac move higher, as did a move away from bests in Euro Stoxx 50 futures during the London morning.
• A reminder that U.S. weekend headline flow saw focus on Ron DeSantis suspending his campaign for the Republican presidential nomination and endorsing Donald Trump (Trump now has > 90% odds of winning the nomination, per, betting markets, as detailed in our earlier bullet).
• Earnings season will pick up this week, click for our coverage of that run of releases.
• Technically, the uptrend in S&P 500 e-Minis remains intact and Friday’s gains confirmed a resumption of the trend. Resistance at the Dec 28 high (4,841.50) has been cleared, marking an extension of the price sequence of higher highs and higher lows. Moving average studies remain in bull-mode. Sights are on round number resistance at 4,900.00 next. Key support lies the 50-day EMA (4,699.31).