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Equities Roundup: Late Session Rebound

US STOCKS
  • Stocks have been holding a narrow range since midmorning, Dow (+13.0 around 34,000.0) and SPX (+2.0 at 4178.75) shares mildly higher while Nasdaq trades mildly weaker (-10 at 12147.70) in late trade.
  • Stock indexes drifted higher after the open but pared gains around midmorning, S&P Eminis marked 4165.25 low following a couple larger sell programs a few minutes after StL Fed Bullard reiterated in a Reuters interview his call for higher rates while avoiding "extensive forward guidance at the next FOMC meeting."
  • Health Care, Communication Services and Utilities sectors underperformed, buoyed by modest gains in Industrials, Materials and Financial sectors.
  • From a technical perspective, S&P E-minis remains bullish and today’s gains reinforce current conditions. The contract has traded to a fresh cycle high and is approaching the 4200.00 handle.
  • Sights are on 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key medium-term resistance. Firm support lies at 4069.41, the 50-day EMA. Initial support to watch lies at 4106.03, the 20-day EMA.

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