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Narrow Ranges For S&P E-mini Ahead Of Payrolls, Nasdaq Outperforms Again

  • The S&P e-mini heads towards the end of the session dipping marginally but is near unchanged on the day after a particularly tight range by recent standards as markets await tomorrow’s NFP report.
  • It consolidates yesterday’s clearance of the former channel base (at 4520.90 drawn from the Mar 13 low that was breached on Aug 16). The earlier high of 4541.25 forms initial resistance after which lies 4560.75 (Aug 4 high).
  • SPX drivers see consumer discretionary (+0.75%), IT (+0.55%) and communication services (+0.55%) outperform, whilst health care (-0.9%), real estate (-0.8%) and utilities (-0.8%) lag.
  • Amazon (+2.2%) leads consumer discretionary after announcing an enhanced collaboration with Shopify whilst UnitedHealthcare (-2.4%) drives health care declines on continued weakness through the session.
  • Continuing the week’s theme, the Nasdaq outperforms at +0.4% and the Dow underperforms with -0.4%.

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