What a Ride + Settlements

What an interesting ride today was as Asian and EU time frames put the equities complex under consistent pressure. As the morning broke however, the US markets provided a steady bid and the 50eMA as the day progressed in the SP500 became the obvious magnet. Here is how the SP500 chart looks currently:

The EU open flush led by mass UK evacuations and panic selling was steadily mopped up by algo’s all morning which led the market right back up to the 50eMA. This is indicative of the massive support (monetary QE) that lies beneath. We can’t help but think many are expecting a repeat of the Covid bounce here, but we aren’t sold on that just yet. We still feel election vol is still here and now geopolitical posturing in the South China Seas is something we need to keep a close eye on as well…

An interesting move for the DAX futures and this chart structure has been super constant in terms of high level resistance and today, well let’s just say it proved its worth once again, here is Magnelib…