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S&P E-minis Just Shy Of Resistance After Sizeable Gains

STOCKS
  • ESZ2 sits just off session highs of 3802.5 with next resistance at the 20-day EMA of 3816.53 following an extension of the important short-term reversal after yesterday’s candle pattern was a bullish engulfing line.
  • No discernible impact from Gov Jefferson’s first speech - broadly neutral vs other Fed speakers - whilst risk assets generally are supported by the day’s decline in real yields. The 10Y real is -6bps for an almost -30bp over two days, in a sharp reversal of a similarly sized climb late last week.
  • SPX is up 2.9%, led by consumer discretionary (+4.2%), energy (3.6%) and financials (+3.5%) with consumer staples lagging (+1.1%). NASDAQ outperforms with +3.2%.
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