E-Minis Lower In Wake OF NFPs, Negative Cash Open Eyed

NFP-derived gyrations in U.S. Tsys have allowed the pre-data uptick in e-minis to be more than reversed, although the contracts operate a little above recent session lows as participants continue to assess the fallout for Fed policy/the higher for longer narrative.

• That leaves the 3 major e-mini futures 0.2-0.8% weaker vs. settlement ahead of the cash open, with the NASDAQ leading the sell off and the DJIA the most resilient.
• Tesla sees larger pre-market losses than the averages (indicated -2.4%), after cutting some prices in the U.S.
• Technically, a bear cycle in S&P 500 e-minis remains in play. The contract traded lower Wednesday, confirming a resumption of the bear leg once again. This maintains the price sequence of lower lows and lower highs and signals scope for weakness towards 4,194.75, the May 24 low. Pivot resistance is 4,441.61, the 50-day EMA. Ahead of the 50-day average is resistance at 4,381.68, the 20-day EMA.