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Equities Pare Gains Ahead Of Powell Tomorrow

US STOCKS
  • ESH3 has almost fully reversed solid gains, at one point up +0.8% as it feels some pressure from USTs, down more than 30 points for now +0.1% on the day at 4052.
  • With few obvious headlines for the sharper moves lower, it could be some profit taking after yesterday's +1.6% gain, coming with some solid sell programs.
  • Volumes are below average, similar to a more pronounced tailing off in TYA volumes, ahead of Powell tomorrow.
  • The high of 4082.5 forms initial resistance after which sits 4100.2 (Fibo retrace of Feb 2 - Mar 2 bear leg) whilst support is notably lower at 3974.0.
  • Sizeable differences across other indices: Nasdaq +0.1%, Dow +0.1% and Russell -1.5% (all E-minis), with higher real yields on the day (US 10Y +3.5bps) potentially weighing more heavily on smaller names.

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