E-minis Recover From Asia Lows To Trade Little Changed

S&P 500 e-minis are ~50 points off Asia lows, with the bulk of yesterday’s NY sell off sticking.

• The 3 major e-mini futures are little changed, trading within 0.1% of yesterday’s settlement levels.
• In stock-specific news, U.S. pharma giant Eli Lily provided stronger-than-expected earnings results, with the name indicated ~12% higher at typing.
• Broader macro news flow has been very limited thus far, with the impending U.S. weekly jobless claims data set to provide today’s major data input.
• Macro sentiment is set to drive cross-asset performance through the remainder of the week, with little in the way of tier 1 risk events scheduled.
• Technically, Monday trade in the S&P 500 contract confirmed an extension of the bear cycle.
• The move down has resulted in a print below the 76.4% retracement of the Apr 19-Jul 16 bear leg (5,185.50). A clear break there would open the May 2 low (5,092.00).
• Conversely, Wednesday’s high (5,359.25) marks initial resistance.