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E-Minis Through Wednesday’s Highs

EQUITIES

Note that there hasn’t been much in the way of macro news flow to digest, but it would seem that regional reaction to Wednesday’s softer than expected U.S. CPI data and the subsequent rally in U.S. equities has facilitated an uptick in e-minis during early Asia-Pac dealing. The 3 major e-mini contracts operate 0.2-0.3% above their respective settlement levels, trading above their Wednesday highs in the process, with the NASDAQ 100 contract leading the way after the contract closed in bull market territory. When it comes to technicals, the S&P 500 contract has registered the highest level seen since early May, with little in the way of meaningful resistance observed until the May 4 high. A reminder that the rally from cycle lows has built against a backdrop of limited long positioning.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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