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Free AccessEquities Break Higher As Resistance Cleared
- Having pushed through Friday’s aforementioned high of 4369.50, ESA has quickly gained to a new high of 4378.25 before retreating only modestly.
- Resistance next sits at the round 4400 and then 4427.19 (1.618 projection of the May 4-19-24 price swing).
- As opposed to earlier gains which looked in lockstep with intraday Treasury gains, this move looks more in isolation, potentially on those technical factors.
- Within the SPX, 0.6% gains are led by IT (+1.7%) and consumer discretionary (+1.7%), the former in turn led by semi-conductors although with NVIDIA lagging after last month’s surges.
- Losses meanwhile are concentrated in energy (-1.4% - unsurprising with WTI’s further slide back notably below $70) and less so utilities/real estate (-0.4%). That said, financials only trading -0.3% mask larger pressures on banks of -0.9%, in turn smaller losses than the KBW index at -1.5% but more in line with its regional version at -1.1%.
- Recent headline from Barclays helps play into the weaker banks theme already established on the day: *BARCLAYS SEEING US DELINQUENCIES RISING SLIGHTLY ON THE MARGINS - bbg
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.