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Stocks Strengthen Through London Close, Hits New Recovery High

  • 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.
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