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US futures remain resilient- Weakness very minor compared to Europe, Japan

Very minor pullback in Equity futures this am compared to what could have happened following the US attack over the weekend and US equities continue to show real resilience vs what's happening in the rest of the world-  Most weakness happening in Europe and Asia, with STOXX600 falling to lowest since February, while Asia reversing recent gains (China, Hang Seng) with 2-3% declines and NIKKEI snapping its own four month consolidation as Yen reaches former peaks v USD. (NKY down 582pts+, or -3.5%)  BREXIT concern not that much of an issue for US though with indices still within 1% of All-time highs and a notable divergence with US and rest of the world which doesn't have to mean that US joins suit and declines-  Gold up to near key resistance near-term after nearly an 80 point rise in the last 2 weeks while Crude pulling back fractionally as US rig counts show to have increased.  but not too much weakness here at at 48.60, at similar levels-  Overall, trend remains positive in US, despite Friday's reversal and today's minor pullback in futures and not enough to warrant a bearish stance even in the short run-  2082-5 support to buy dips and should be good support, while resistance levels up near 2110-  But weakness today should be contained in Financials while Tech, Healthcare should be attractive to buy into-  Key movers this am:  MNKD, AGIO, SAIC, MUX, ELGX, SWHC  and on downside-  BIOS, BIDU, EMES

Pullback in S&P broke 2105-6 last week in June futures and now lies right near late May/early June lows which should have some importance-  Key for today will be 2082-4 and then 2074

US indices remain incredibly resilient..  Still very little weakness and the lack thereof doesn't suggest this needs to happen to join Europe.  In futures shown above 2082 remains the near-term line in the sandand S&P would require a move down UNDER 2022 in JUNE FUTS to join the kind of weakness seen in Europe right now

 

This am's weakness thus far has resulted in a violation of the last few months lows in SXXP, the STOXX600 as Europe gets down to lowest levels since February-  Incredibly enough, Europe is down 20% off last Aprils peaks while US remains within 1% of all-time highs-  BREXIT concerns certainly more of a near-term concern to Europe vs US

Pound sterling weakness broke minor trend late last week ahead of very narrow BREXIT poll right now.. But pullback could prove muted and short lived given polls showing Non-commercial Specs now short Sterling at highest levels since 2013-  So this very well might limit pullback as everyone seems to be onboard at this point, while chances of UK STAYING still at around 65%

Non-commercial Specs now shorting Sterling at biggest levels since 2013.. During this time in 2013 when shorts reached this level, GBP reversed from 1.40 lows and advanced up to 1.71 over the following 12 months