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Equities Roundup

US STOCKS
  • US equities are modestly firmer in recent trade, the e-mini S&P futures paring back advances tied to rebound in bank shares in the first half. First Republic Bank (FRC) currently trading at 38.07 (+22%) vs. 50.97 on the open.
  • Front month SPX emini futures accelerated a move off midday highs following an apparent increase in geopolitical tensions after a Russia military jet striking a US unmanned drone.
  • Leading gainers, communication sector shares currently outpacing financials.
  • From a technical standpoint, the bounce in S&P E-Minis is considered corrective. Price last week cleared key short-term support at 3960.75, Mar 2 low to confirm a resumption of the bear cycle that has been in place since Feb 2. The move lower signals scope for an extension towards 3822.00 next, the Dec 22 low. Initial firm resistance is seen at 4039.14, the 50-day EMA.

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