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S&P 500 E-Mini Trims Yesterday's Decline Away From Fresh Record Highs

US STOCKS
  • The S&P 500 e-mini has seen some mild late downward pressure, following the largest sell program of the day with 839 names per the NYSE’s TICK index ahead of the long weekend rather than any obvious headlines.
  • It still sits +0.6% after what had been particularly steady trade in recent hours ever since an uplift around 1100ET on a large buy program built on a positive move as US yields fell with surprise downward revisions to U.Mich consumer inflation expectations.
  • The 1396 names, along with the heavy 1520 at the cash open, are the largest buy programs since the cash open on May 15 after a dovish reaction to US CPI.
  • Currently at 5315.75, ESM4 remains firmly within yesterday’s range, which included a fresh cycle high at 5368.25 after which lies resistance at 5372.73 (Fibo projection of Apr 19 – 29 – May 2 price swing).
  • E-minis: S&P 500 +0.6%, Nasdaq 100 +0.9%, Dow Jones unch and Russell 2000 +0.8%
  • In cash markets, SPX gains are driven by communication services (+1.2%), utilities (+1.0%) and IT (+0.9%), whilst losses are limited to health care (-0.3%) and energy (-0.1%) despite 1% gains for WTI.
  • Major names are again large contributors, with Meta (+2.3%), Apple (+1.8%), Nvidia (+1.5%, continuing to gain after favorable earnings) and Alphabet (+0.9%) all up strongly.
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