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First Call May 20, 2020
- S&P futures up 1.1%
- We should see upside DeMark Sequential and Combo exhaustion signals today with the Nasdaq and S&P
- No great explanation for strength. It comes after US equities ended near the worst levels on Tuesday. FOMO/pain trade dynamics continue to get a lot of attention amid a bullish narrative revolving around the massive fiscal and monetary stimulus, reopening progression, vaccine hope, signs of economic activity bottoming out, and expectations for a big earnings rebound in 2021.
- Asian markets mostly higher overnight.
- Japan one of the better performers while China lagged.
- European markets mostly lower.
- Treasuries unchanged to slightly firmer with some curve deepening.
- Dollar weaker vs both yen and euro.
- Gold up 0.4%.
- WTI crude up 1.9%.