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Equities Roundup: Holding Above Key Resistance

US STOCKS
  • US stocks continue to drift higher in the second half, S&P Eminis nearing last Wednesday's 4073.75 high is currently trading at 4049.0 (+47.50) above key resistance. Technicians watching to see if Eminis can hold/finish above the 50-day EMA pivot/resistance of 4019.45 where a clear break of the average is required to strengthen bullish conditions.
  • On the downside, support lies at 3937.00, the Mar 24 low. A breach would instead open 3897.25 next, the Mar 20 low. 4073.75, the Mar 22 high, is the bull trigger.
  • Current sector leaders are Real Estate, Information Technology and Utility sector shares outperforming while bank shares trading firmer but paring gains in the last few minutes.
  • KBW Bank index (BKX) is trading near midday high (82.12) at 81.82 (+1.19 Current index leaders are: M&T Bank (MTB), Capital One Financial (COF) and PNC Financial Services (PNC), while Regions Financial (RF), Huntington Bancshares (HBAN) and Keycorp (KEY) underperform.

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