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ESA Sees Late Lift Back Towards Initial Resistance

US STOCKS
  • ESH4 has seen a strong lift in recent trade, touching a high of 4896.00 (4892.5 latest) to leave it close to yesterday’s 4898.25, helped by Fed cuts building after Bullard’s comments on the rate cut prospects.
  • Yesterday’s high marks initial resistance with the bullish price sequence still intact and with next resistance at the round 4900.00.
  • The NYSE TICK index has recorded two buy programs in excess of 1400 names, some of the largest in the month to date.
  • In e-mini space, the S&P 500 (+0.25%), lags the Nasdaq 100 (+0.35%), but outperforms the Russell 2000 (+0.1%) and Dow (-0.25%).
  • The SPX is led by consumer staples (+1.2%) and communication services (+0.8%), whilst real estate (-0.35%) and consumer discretionary (-0.15%) lag.
  • Consumer staples are driven by Proctor & Gamble (+4.4%) following above-estimate earnings and its more optimistic profit outlook. Communication services meanwhile receive firm boosts from Netflix (+0.8%), Meta (+0.5%) and Google (+0.4%). Real estate names meanwhile come under pressure with a sizeable lift in real yields (10Y real +4bps on the day).
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