It’s a relatively quiet market, with the most prominent feature of the market being that tech stocks are recovering fairly strong, especially in the semiconductor space. In recent weeks, the /ES has tried to crack support, but thus far it has held. If it’s going to break, it will take an earnings surprise or two from a notable company to do the trick.
Looking overnight at the same /ES, we bounced through the night but are fading a bit before the opening bell. As of this composition, the /ES is up about 4/10ths of a percent, whereas the /NQ is up a most lusty 1.34%.
As for the /NQ, it did indeed break a similar support level, but it just teased us, reversing course immediately thereafter. I am watching that blue line as an important zone of resistance.
One bright spot for me this morning is China, since I am heavily long the September $36 puts on FXI, which is slipping in thin pre-market trading.
Lastly, judging from crude oil, things are looking worse in the Middle East, but judging from the equity futures quotes, stocks don’t seem to care that much right now.
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