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E-Minis Off Best Levels Into Cash Open, Nvidia Earnings Eyed After Market

EQUITIES

E-minis operate comfortably shy of their respective highs as we move towards the cash equity open.

  • Softer than expected European & UK PMI data generated the bulk of the macro interest since the London open.
  • In terms of stock specifics, Peloton (-28% pre-market) and Foot Locker (-32% pre-market) are set to struggle post-earnings.
  • Focus is on Nvidia earnings, due after hours (last indicated 0.1% higher pre-market).
  • Lower yield impulses will be weighed against the negative macro drivers (PMIs).
  • NASDAQ 100 is the marginal outperformer amongst the major contracts, adding 0.3% vs. settlement levels, while the DJIA lags, sitting 0.1% firmer.
  • THE S&P 500 contract is +0.2%. Technically, a bearish theme in the contract remains intact and last week’s price action reinforces this theme. The move lower resulted in a break of the 50-day EMA and the contract breached channel support drawn from the Mar 13 low. 4,368.50, the Jun 26 low, was breached last Friday and attention turns to 4,344.28, a Fibonacci retracement. Initial firm resistance to watch is at the 50-day EMA - at 4,454.24.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageEquitiesAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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