Equities Roundup: Late Risk On Unwinds

Stocks posting modest losses in late trade, turning lower over the last hour:

• The reversal coincides with Treasury futures paring gains. Not particularly headline driven, moves likely position squaring ahead another round of equity earnings after the close: SVB, CSX, Knight-Swift, Bank OZK and PPG industries.
• More earnings early Friday include: Regions Financial Corp, Freeport-McMoRan, Qualtrics International, Schlumberger, HCA Healthcare, First Republic Bancorp and Procter & Gamble.
• Impasse over the US debt ceiling also likely adding to the late risk-off tone.
• Despite the reversal, the technical trend outlook in S&P E-minis remains bullish and the latest move lower (from Tuesday’s high) is considered corrective. Support to watch lies at 4119.30, the 20-day EMA where a break is required to suggest scope for a deeper pullback - this would expose 4077.86, the 50-day EMA.
• Attention is on the 4200.00 handle where a break would resume the uptrend and open 4205.50,Feb 16 high ahead of 4244.00, the Feb 2 high and key resistance.