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Stocks Recover Off Lows, as Yield Moderation, Earnings Provide Support

EQUITIES
  • E-mini S&P and stock futures more broadly recovering off pullback lows into the NY crossover, with earnings digestion and the failure of the US 10y yield to break above yesterday's highs likely providing some relief.
  • Despite the stabilisation above lows, the short-term trend condition in S&P E-Minis is unchanged and remains bearish. Yesterday’s move lower reinforces the current condition - the contract has traded through support at the 50-day EMA and this signals scope for a continuation lower near-term. Sights are on 5070.36 next, a Fibonacci retracement. Clearance of this level would open 5018.00, the Feb 21 low.
  • The biggest pre-market, post-earnings movers include UnitedHealth (+7.5%) and Morgan Stanley (+2.9%), with both firms topping expectations. Full weekly US earnings schedule found here:

MNIUSEARNINGS160424.pdf

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