Minis Firm Ahead Of NY Cash Open

E-minis have firmed vs. Friday’s closing levels ahead of the NY cash open, drawing on tailwinds from a rally in Chinese/HK equities (although Chinese PMI data and a move away from best levels in the Hang Seng meant that wasn’t a straight-line move), followed by a recovery in European stocks, with the Euro STOXX 50 registering fresh cycle highs. A move away from cheapest levels of the day for global core FI markets has also helped the space. That leaves e-minis running 0.1-0.2% better off as we move towards the cash open, a little shy of best levels, with a fade in the recovery of fixed income noted in recent trade.

• Note that Piper Sandler have moved tech giant Apple’s target price higher ($220 from $180).
• Both Apple and Amazon will report earnings after hours on Thursday, providing the highlights of this week’s earnings slate (see our full earnings release calendar here).
• Technically, the contract has had a look through Friday’s peak, but bulls haven’t managed to force a test of Thursday’s best levels as of yet. As a reminder, the index found resistance at the top of a bull channel drawn from the Mar 13 low, the channel top is at 4,643.65 today. A break there would give bulls the green light for a move higher, while a reversal lower would have bears looking to the 20-day EMA, at 4,534.05.