Free Trial

Stocks Edge Through Overnight Lows, But Uptrend Remains Intact

EQUITIES
  • US equity futures manage to slip below the earlier lows, putting the e-mini S&P at 4104.00 and making for a 2.5% pullback off the FOMC highs last Wednesday.
  • The communication services and material sectors are leading the way lower as soft energy prices and sour earnings releases (Tyson Foods, Activision Blizzard) weigh at the margins. Gold miners (namely Newmont) are particularly impacted, although the company is sliding on M&A reports rather than the pullback in the gold price itself.
  • The NYSE TICK Index shows sales programs at 1032ET, 1016ET adding the pressure - with no headlines or underlying driving for stock markets at present.
  • Despite the Monday pullback, the over-arching uptrend in the e-mini S&P keeps prices above first support at the 20-day EMA at 4040.48.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.