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S&P E-mini Dips Back Below 4800 But Major Resistance Still Eyed

US STOCKS
  • The ESH4 has seen some late, albeit modest, selling pressure coinciding with the largest sell program of the day on the TICK index with 820 names.
  • It comes with a rejection of a push above the round 4800 with a brief high of 4802.25, after which sits major resistance at 4808.25 (Jan 4, 2022 high).
  • The day’s gains for equities have come despite a narrow range to broader USD moves, with some outsized gains for mega-caps at play.
  • Meta (+3.7%), Amazon (+3.0%), Nvidia (+2.9%) and Google (+2.8%). Apple (-0.6%) meanwhile still weighs but has pared earlier losses concerning earlier Apple watch production halting headlines.
  • Those names help drive communication services (+2.2%) to outperform SPX, followed by consumer staples (+1.2%) and energy (+1.0%) with net WTI strength amidst Red Sea traffic disruption but off earlier higher. Real estate lags meanwhile (just -0.2%) amidst higher yields.
  • Comparing e-minis, the S&P 500 (+0.6%) follows the Nasdaq 100 (+0.85%), whilst the Dow (+0.0%) and Russell 2000 (+0.0%) have seen their underperformance extend through the session.
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