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Futures Point to More Equity Strength at the Opening Bell

EQUITIES
  • US index futures sit higher ahead of the NY crossover, indicating another positive open for Wall Street in a few hours' time. This would keep the S&P 500 at the best levels since early May, with the index now higher by over 15% off the mid-June lows.
  • Strength across the e-mini S&P reinforces short-term bullish conditions and continued gains would maintain the positive price sequence of higher highs and higher lows. The focus is on 4272.35 next, a Fibonacci projection. On the downside, initial trend support is at 4080.50, the Aug 2 low.
  • Across Europe, markets are more mixed, with peripheral Italian, Spanish markets firmer, while the UK's FTSE-100 lags. Europe's energy names are firmer, with positive Brent and WTI prices supporting the likes of Total and Repsol in early morning trade. Healthcare is the poorest performing sector, reinforcing the risk-on backdrop.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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