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Stocks Shake Off Unsteady Start

EQUITIES
  • Stock markets globally started Monday poorly, with futures all down sharply in initial Monday trade. This sentiment soon reversed, however, with a swift recovery in US equities helping underpin a global rebound. The Sep-21 E-mini S&P topped out at 4209.75. The Friday high at 4220.00 remains the next level to look out for.
  • Energy names are driving markets higher here, with the sector higher by 3.3% in the S&P500, as new cycle highs for WTI crude futures underpin (recall BofA this morning upped their forecast for crude to $100/bbl next year).
  • Industrials and financials are similarly firm, the latter benefiting from the modest re-steeping of the Treasury curve.
  • A break north of 4220.00 for the e-mini S&P exposes the Jun 15 high at 4258.25 ahead of 4264.41, the 1.618 proj of Mar 25 - May 10 - 13 price swing
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