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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.
US STOCKS
- US stocks extended session highs recently, S&P Eminis breaching short-term resistance of 4023.28 (50-day EMA) to 4037.0 high as risk appetite improves following Wednesday's sharp sell-off.
- Stocks initially surged to a high 10 day high of 4073.75 yesterday as markets welcomed the 25bps hike and dovish guidance from the FOMC.
- Support quickly reversed, stocks finished broadly lower yesterday after Treasury Secretary Yellen testified to the Senate that the Tsy is "not considering broad increase in deposit insurance", at odds with Chairman Powell's comment supportive of regional banks.
- Current leading gainers are Information Technology (+1.63%) and Communication Services (+2.44%). Financials sector near the middle of the pack (+1.09%) are supported by bank shares (TFC +3.91, USB +3.28, FRC +1.13%).
- SPX has scaled back support to 4031.0 at the moment, still above the 50-Day EMA where a clear break is required to strengthen bullish conditions. The next resistance level is at 4089.39, 61.8% retracement of the Feb 2 - Mar 13 downleg.
- On the flipside, watch support at 3966.25, yesterday’s low - a break would be bearish. Key S/T resistance is at 4073.75.
Bbg, MNI
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.
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