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Late Weakness With Further Pullback From Earlier Resistance Rejection

US STOCKS
  • The S&P e-mini has tilted into mild negative territory (-0.1%) late in the session on no clear macro headlines. It more than erases what had been strong rally across European hours as the Waller-triggered rally extended into the NY open.
  • The pullback came after ESZ3 touched 4597.00 (currently 4558) to stop fractionally short of key resistance at 4597.50 9 (Sep 1 high). The bull trigger is further out at 4685.25.
  • In cash markets, real estate (+0.8%) is a clear beneficiary of the rates rally, along more surprisingly with financials (+0.6%), which in turn is led by banks (+1%) with gains across the board (the separate KBW index shows 2.1% gains for both major and regionals).
  • Communication services (-1.1%) lag, hindered by heavy declines for Google (-1.6%) and Meta (-1.9%). Tech meanwhile is near unchanged, masking solid declines for large names with Microsoft (-1%) and Apple (-0.65%), Microsoft suffering as Amazon chose to enter the corporate AI space.
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