E-minis Firmer Into The Cash Open

Firmer crude prices (although oil is pulling back from best levels) and dovish BoJ source pieces have allowed e-minis to correct from yesterday’s late NY lows, leaving the 3 major contracts running 0.2-0.7% firmer on the day, with the NASDAQ 100 leading and the DJIA lagging after the reverse was true yesterday (DJIA Gained while the NASDAQ & S&P registered losses).

• Pre-market earnings from American Express saw the name beat on EPS, miss on revenue and reaffirm prior guidance, with the name shedding 2.4% pre-market.
• Technically, the S&P 500 e-mini finished lower Thursday, after a solid rally this week, alleviating the overbought conditions present in the most recent bout of strength. Prices had topped the bull channel drawn off the March 13 low at 4,608.50, marking another positive shift for short-term momentum. This clears the way for a test of the March 29 ‘22 high at 4,631.00. Any corrective pullback would initially target the 20-day EMA at 4,492.63 for support, however the Tuesday low of 4,544.50 could also slow any decline.