Free Trial

Equities Roundup: Holding Pattern Ahead Debt Limit

US STOCKS

Stocks mixed in late trade, near the middle of a narrow session range. S&P E-Mini Future are currently down 13.5 points (-0.33%) at 4136.5; DJIA down 247.85 points (-0.74%) at 33100.77; Nasdaq up 21.5 points (0.2%) at 12386.47

  • Generally speaking, markets remain in a holding pattern as they await a solution to the fast approaching debt ceiling. President Biden is currently meeting with congressional leaders (McCarthy, Schumer, McConnell and Jeffries) to discus before flying to G7 summit in Japan Wednesday.
  • Leading laggers: Energy, Real Estate and Utilities continued to underperform while Communication Services and IT sectors held modest gains.
  • From a technical point of view S&P E-minis remain in consolidation mode. Price is trading above the 50-day EMA, which intersects at 4109.27. An extension higher would open key resistance and the bull trigger at 4206.25, the May 1 high.
  • A break of this level would resume the bull trend that started Mar 13. Key support has been defined at 4062.25, the May 4 low. A move through this support would instead highlight a bearish threat.

To read the full story

Close

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.