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S&P E-Mini Hits Post-CPI Resistance

US STOCKS
  • Equities have seen a mostly one way move higher seemingly in a continuation of debt ceiling optimism after McCarthy earlier told reporters he believes negotiating a debt ceiling plan by Sunday is “doable” following shortly after Biden’s remarks.
  • There has been a succession of large buy programs over the past thirty minutes in the TICK index.
  • ESA has recently touched a high of 4172.5 (+1.2%), hitting resistance at 4173.25 (May 10 high - registered in the hour after CPI) before retreating a few points. A renewed push higher could next open 4206.25 (May 1 high).
  • Banks see sizeable outperformance on the day, with the KBW index +4.6% and regionals +6.9%.


S&P E-miniSource: Bloomberg

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