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Resistance Rejected, Prompting Sharp Pullback From Daily Highs

EQUITIES
  • Equity futures back to broadly flat on the session, wholly erasing the sharp rally posted across European hours as the Waller-triggered rally extended into the NY open. Volumes today have been healthy, with Z3 E-mini S&P seeing volumes ~80% ahead of average for this time of day and nearing average cumulative daily volume levels with four hours of trade in the cash session still to come.
  • In cash markets, communication services and consumer staples names have led the pullback off highs, with steady sell programs at 1024ET, 1116ET and 1131ET helped aide declines, as per the NYSE Tick Index. The pullback in Microsoft (-1.2%) is proving the biggest laggard for the Dow Jones on an index points basis as Amazon choose to enter the corporate AI space.
  • Despite the pullback, a bullish theme remains intact after the strong rally on Nov 14 resulted in the break of a trendline drawn from the Jul 27 high. 4597.00, today's high is just shy of key resistance at 4597.50 - the bull trigger is slightly further out at 4685.25.
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