July 25, 2022 13:51 GMT
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- Modest downtick in the e-mini S&P puts the index back to flat on the day, with earnings and the Fed decision on Wednesday the key focus points. Overnight lows at 3951.50 are intact for now, while 3988.75 defines the intraday high. More broadly, the index is holding on to the bulk of recent gains after last week's bullish extension.
- This confirmed a break above the 50-day EMA and reinforces short-term bullish condition that targets 4145.75 next, the Jun 9 high.
- Energy and communication services names are the outperformers on the sector breakdown, while tech and utilities sit at the bottom of the pile. Decliners outnumber advancers so far Monday (~300 / ~200) so far, but little sign of programmatic activity around 20 minutes into trade.