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E-Minis Bid On China +ves, Follow Through Above Friday’s Peak Limited

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The previously outlined risk-friendly China-centric headlines, namely the latest measures to support the country’s property market and confirmation that Shanghai’s gradual re-opening will get underway today, have dominated price action in early Asia-Pac trade. This has allowed S&P 500 e-minis to have a look above Friday’s highs, last dealing +0.5%, although follow through has been rather limited thus far, with the spectre of the recent stagflation worry-driven sell off and wider geopolitical worry still looming large. Technically, the next level of interest on the upside is located at the May 9 high (4,099.00). Meanwhile, key resistance is some way away, defined at the Apr 26/28 highs (4303.50).

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The previously outlined risk-friendly China-centric headlines, namely the latest measures to support the country’s property market and confirmation that Shanghai’s gradual re-opening will get underway today, have dominated price action in early Asia-Pac trade. This has allowed S&P 500 e-minis to have a look above Friday’s highs, last dealing +0.5%, although follow through has been rather limited thus far, with the spectre of the recent stagflation worry-driven sell off and wider geopolitical worry still looming large. Technically, the next level of interest on the upside is located at the May 9 high (4,099.00). Meanwhile, key resistance is some way away, defined at the Apr 26/28 highs (4303.50).