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E-Minis Firm Into NY Cash Open, Payrolls & China Matters Support

EQUITIES

The combination of a modest positive lead out of China, telegraphed/widely expected support for Chinese property and FX markets and the post-NFP move lower in Tsy yields supported e-minis, with the contracts just off best levels of the day into the NY cash equity open.

  • The 3 major benchmarks run 0.5-0.7% firmer as of typing, with the NASDAQ 100 leading and the DJIA lagging at the margins.
  • A mixed lead from European benchmarks did little for the space.
  • The S&P 5010 e-mini maintains a firmer short-term tone. Price has traded above resistance at 4,526.29, the base of a bull channel, drawn from the Mar 13 low that was breached on Aug 16. The move through yesterday’s high in recent trade turns focus to 4,560.75, the Aug 4 high. Initial support to watch lies at 4,455.40, the 50-day EMA.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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