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Best One-Day Rally for Eminis Since January 6

US STOCKS

The best one day rally for the index since January 6 (+77.75 vs. +86.75), stocks continue to extend session highs in late trade, SPX Eminis bounced off Wednesday's April lows (4074.25) to 4157.5 high late Thursday,

  • Well through 20-day EMA resistance of 4120.83, puts focus on next resistance of 4164.25, the April 24 high, a clear break above this EMA would ease bearish pressure.
  • Surprising given this this morning's increased inflation metrics that underscored likely 25bp hike from the Fed next week (and tempering year-end implied rate cuts), trading desks citing better than expected quarterly earnings announcements and unconfirmed asset allocation out of Treasuries into stocks.
  • Re: earnings, the following is a list of larger stocks expected after the close: T-Mobile US Inc; Capital One Financial Corp; Hartford Financial Services; L3Harris Technologies Inc; Amazon.com Inc; Olin Corp; United States Steel Corp; Intel Corp; Weyerhaeuser Co; Pinterest Inc; Gilead Sciences Inc; Snap Inc; Amgen Inc.

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