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Stocks Chew Further Through Monday Losses

EQUITIES
  • European indices trade uniformly higher at the NY crossover, extending gains seen across Asia-Pac hours after the positive close for Chinese and Hong Kong stocks. The EuroStoxx50 holds gains of 1.2%, chewing further through Monday's losses. Europe's healthcare and consumer discretionary sectors are leading the way higher, while energy firms trade more moderately, paring back some of the recent oil price-induced rally.
  • In the equity space, S&P E-minis are trading in a volatile manner. The contract however remains vulnerable and a bearish threat is still present.The focus is on this year's low of 4212.75, the Jan 24 low and the bear trigger. The 50-day EMA - at 4519.72 - still marks the key resistance.
  • EUROSTOXX 50 futures have rebounded from yesterday's low of 3874.00. Despite the recovery the outlook remains bearish though and the clearance of a number of support levels this week highlights the current bearish threat. The focus is on 3844.00, May 13 2021 low (cont).
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