U.S. benchmarks are on their back foot to start the week as the risk-appetite recedes due to deadlock in Washington, virus resurgence, and a gloomy earnings outlook.
U.S. benchmarks rebounded yesterday from crucial levels of technical support. The session low came against our major 3-star support at the opening bell and a failure to go lower provided a tailwind for a pivotal intraday recovery despite an unenthusiastic news cycle.
Despite the Federal Reserve’s steadfast narrative that fiscal measures are necessary to keep the economic recovery moving, White House Economic Advisor Larry Kudlow said over the weekend he does not think the recovery is dependent on it.
