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Free AccessEquities Roundup: Gaining Traction
The latest bid for stocks off Wednesday's lows for the month is gaining traction ahead midday: DJIA up 241.02 points (0.72%) at 33543.89, S&P E-Minis up 41.25 points (1.01%) at 4117.25, Nasdaq up 194.2 points (1.6%) at 12048.77.
- Eminis butting up against 20-day EMA resistance, a continuation of today's rally puts focus on next resistance of 4164.25, the April 24 high, a clear break above this EMA would ease bearish pressure.
- On the flipside, the week's sell-off to April lows resulted in a break below both the 20- and 50-day EMAs. The break of the 50-day EMA strengthens short-term bearish conditions and signals scope for an extension lower, towards 4061.11 next and 4018.75, Fibonacci retracement points.
- While contending with this morning's increased inflation metrics that underscored likely 25bp hike from the Fed next week (and tempering year-end implied rate cuts), trading desks citing better on average quarterly earnings announcements.
- Re: earnings, the following is a list of larger stocks expected after the close: T-Mobile US Inc; Capital One Financial Corp; Hartford Financial Services; L3Harris Technologies Inc; Amazon.com Inc; Olin Corp; United States Steel Corp; Intel Corp; Weyerhaeuser Co; Pinterest Inc; Gilead Sciences Inc; Snap Inc; Amgen Inc.
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Why MNI
MNI is the leading provider
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.