May 09, 2024 14:48 GMT
E-mini S&P Spurred by Technical Break, Dovish Claims Data
EQUITIES
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- Equity uptick gathers pace on the latest leg through the weekly highs of 5226.75 - this puts the e-mini S&P at the best levels since mid-April and marks a near 270 rally off the April lows. Moves aided by the step lower in US yields after higher-than-expected weekly claims, particularly notable given the renewed focus on the labour market at Powell's last press conference.
- Real estate, energy and materials names leading the way higher for the index, as equity strength interestingly not led by rates-sensitive sectors and the higher beta tech stocks.
- 5246.18 marks the next line in the sand for the index, the 76.4% retracement of the Apr 1 - 19 bear leg. Today's price action reaffirms the current bull cycle.
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