Free Trial

Stocks Strengthen Through London Close, Hits New Recovery High

EQUITIES
  • US equity futures taking another leg higher through the London close, with the e-mini S&P bumping to a new intraday and recovery high of 4289.50 (and gaining). The Sep-22 future sees a modest uptick in volumes on the latest leg higher, bringing the May 4 High at 4306.50 into view. This marks the next key resistance going forward, with staples leading the way forward followed by communication services.
  • The move higher in equities looks relatively idiosyncratic here, with no parallel shift in either currency or bond markets - although the USD/CNH rate persists to fresh session highs, while commodity-tied currencies recover off the day's lowest levels (AUD, CAD etc).
  • Progress through 4306.50 resistance opens the 4345.75, the 2.00 proj of the Jun 17 - 28 - Jul 14 price swing.

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.