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S&P E-mini Fully Reverses Gains, Energy and Nvidia Weighing

US STOCKS
  • The S&P 500 e-mini has reversed gains seen firstly on the Asia open and then in the hour ahead of the cash open.
  • Having topped out at 6040.00 (resistance seen at the bull trigger of 6053.25, Nov 11 high), today’s declines to a session low of 5982.78 (-0.05%) have been relatively steady. Indeed, the largest sell program on the NYSE TICK index has so far been 695 names.
  • Support is seen at 5927.19 (20-day EMA) before 5849.44 (50-day EMA).
  • Nvidia weighs heavily (-3.7%) after reports a company executive had met with China’s vice commerce minister in Beijing, whilst more broadly energy names are the main losers on the day (-1.8%) owing to the slide in WTI futures on Israel-Hezbollah ceasefire prospects.
  • It’s a mixed session more broadly, with most sectors still in the green, led by consumer discretionary (+1.0%), real estate (+0.8%) and materials (+0.6%).
  • Against this backdrop, Nasdaq 100 underperforms (-0.3%) whilst the Russell 2000 (+1.5) and Dow Jones (+0.5%) outperform.
USEquitiesStoryMarketsFixed Income BulletsForeign Exchange BulletsNorth America

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