E-Minis Recover Ahead Of NY Cash Open, Netflix Indicated Notably Higher Post-Earnings

The tick away from session highs in U.S. Tsy yields adds some incremental support for e-minis, with the 3 major contracts last running little changed to 0.5% firmer on the day.

• Previously, higher Tsy yields and a negative lead from Chinese equities applied pressure to e-minis through the early rounds of London trade.
• NASDAQ 100 futures continue to outperform, aided by a strong pre-market, post-earnings showing for Netflix (+15.8%). AT&T are also indicated higher after earnings (+6.6%). Conversely, Tesla has been subjected to pre-market headwinds (-6.8%), with the electric car maker set to struggle on the back of its latest guidance and key Q3 earnings metrics.
• Technically, the 200-dma undercuts as support for the S&P 500 e-mini at 4,319.17, which held overnight. The average was broken in late Sep/early Oct, but the move below was short-lived. Still, bulls need to overcome clustered resistance in the form of the 50-day EMA/Oct 12 high (4,422.22/4,430.50) to start turning the technical tide in their favour.