E-Minis Recover

The S&P 500 e-mini contract is back into positive territory on the session, albeit still below the 4,000 mark, with China’s ChiNext reversing its early losses and the early Asia cross-asset defensive flow that we previously covered moderating from extremes. The contract failed to challenge the previously outlined technical support, which comes in the form of the 2.00 projection of the Mar 29-Apr 18-Apr 21 price swing (3,958.00) after breaking below Monday’s trough. Note that bearish technical conditions remain well and truly intact, with our technical analyst noting that a break of the Apr 26/28 highs (4,303.50) is required to alter the short-term picture.