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Equities Roundup: Near Lows on Waning Debt Limit Hopes

US STOCKS
  • US stocks drifting near recent session lows after early risk appetite evaporating since midday. S&P Eminis currently trading at 3985.0 (-22.25) well above initial support of 3937.00/3897.25 (Low Mar 24 / 20).
  • Tone changed soon after White House Deputy Press Secretary Olivia Dalton indicated to reporters that President Biden will continue to decline to meet with House Speaker Kevin McCarthy (R-CA) for debt limit negotiations until House Republicans release a FY24 budget.Dalton:
  • "We've seen the letter, but where's the budget? The President released his budget three weeks ago... So far all we've seen from Speaker McCarthy and 'MAGA' Republicans in Congress are proposals which will... do nothing to address the deficit."
  • S&P E-Minis remain below last Wednesday's high of 4073.75. The pullback from last week’s high means that price has - so far - failed to remain above pivot resistance at the 50-day EMA - the average intersects at 4020.18. A clear upside break of it is required to strengthen bullish conditions.

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