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Bounce of Lows/Third Support

US STOCKS
SPX eminis finally bounce -- after (nearly) tapping 3rd support of 4215.00 (4215.75 session low), index bounces to 4281.0 after large 1,101 name buy program went through.
  • Uncertain (unlikely) whether technicals and large buy program will outweigh underlying basis for risk-off move on the day: Geopol tension tied to Russia/Ukraine tension and what NATO, US and allied forces would bring to bear if Russia invades Ukraine.
  • As a reminder -- FOMC policy annc this Wednesday, no rate change but hawkish pivot expected, March liftoff with updated forward guidance on balance sheet reduction, quantitative tightening.

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