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Equities Roundup: Best Levels Since Mid-Feb on Debt Ceiling Optimism

US STOCKS
Stocks continue to extend highs on the back of optimism over a debt ceiling resolution to avoid default. House Speaker McCarthy says that he 'sees [a] debt limit deal on the House floor next week', adding that 'we are at a much better place than a week earlier, I can see now where a deal can come together'.
  • SPX Eminis climb to the best levels since mid-February are currently up 21.25 points (0.51%) at 4193.25; DJIA down 15.52 points (-0.05%) at 33409.33; Nasdaq up 133.2 points (1.1%) at 12633.72.
  • Leading gainers: Chip stocks (Synopsis +7.5%, Micron +4.65%) helping IT sector outperform followed closely by Consumer Discretionary and Communication Services sectors. Laggers: Utilities, Consumer Staples and Real Estate sectors trading weaker.
  • From a technical point of view S&P E-minis remain in consolidation mode, remains above the 50-day EMA, which intersects at 4112.23. A continuation higher would open key resistance and the bull trigger at 4206.25, the May 1 high. Clearance of this level would confirm an extension of the bull trend from Mar 13.
  • Key support is at 4062.25, the May 4 low. A move through this level would instead highlight a bearish threat.

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