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Late Rally Counters Early Negativity

EQUITIES
  • Wall Street started the Tuesday session on shaky footing, with the e-mini S&P coming under early pressure to press cash markets into the red shortly after the opening bell. This sentiment soon reversed, with sizeable volumes crossing alongside the London close to put the e-mini S&P through the overnight highs and back into positive territory.
  • A tick higher in the early underperformers (notably energy) underpinned the recovery, with earnings also adding a tailwind. The likes of Eli Lilly rallied sharply following their report.
  • This keeps the upside argument in tact for the e-mini S&P, with first resistance at the week's high of 4419.75, before alltime highs at 4422.50.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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