Key insights
- The analysis suggests a bullish outlook for US equities, contingent on the S&P 500 futures ($ES) holding above key support levels. A sustained hold above 6925 could lead to further gains this week. The performance of European markets, particularly the €FDAX, is considered a leading indicator. Individual stocks are consolidating near Friday's highs, awaiting a catalyst for the next upward move, potentially emerging mid-week.
Futures:
$ES Holding above 6925 looks towards mid-900s and above over the course of week if not today. First, it likely starts the EU session as a proxy to €FDAX’s hold above 24k
An overall hold of 6885 maintains ES’s trend up in the US afternoon session and seeks higher prices steadily
Tracking Globex opening range, EU session’s first hour range, and US session’s first hour range to navigate further
Stocks:
Individual names/stocks holding tightly at or near its Friday highs for the most part. Pending fresh initiation for the next leg. Perhaps Wednesday onwards