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Equities Roundup: Energy Shares Remain Strong, Autos Off Lows

US STOCKS
  • US stocks trading mostly higher in late afternoon trade, SPX Eminis bouncing off the post-ISM dip to around 4150.0, Dow stocks still outperforming (DJIA +312 at appr 33586), Nasdaq weaker but off lows at 12162.0 (-59.20).
  • Energy sector shares continue to outperform (+5.35%) after the OPEC+ production cut surprise announced late Sunday. Leaders: Marathon (MRO) +10.3%, Conoco-Philips (COP) +9.37%, APA +8.90%, Halliburton (HAL) +8.63%.
  • Autos still weaker, however, Toyota bouncing after weak sales figures while Tesla still underperforming: -6.32%.
  • Bullish conditions continue for Eminis. After breaching 4148.48 (76.4% of the Feb 2 - Mar 13 downleg) to 4156.75 high, a clear breach of this level would signal scope for an extension towards 4205.50, Feb 16 high ahead of 4244.00, Feb 2 high and a key medium-term resistance.

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