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Equities Roundup: Nearing Resistance

US STOCKS
  • US stocks are quietly extending session in early afternoon trade: Dow Industrials (33,965.0 +316.1), SPX Eminis (4165.75 +46.75) and Nasdaq (12,150.4 +221.2) at the moment.
  • No particular headline driver for the ongoing support other than carry-over positive tone regarding inflation following this mornings lower than expected PPI.
  • After trading weaker in the first half of the week, Communication Services, Information Technology and Consumer Discretionary sectors are outperforming. Laggers: Utilities, Real Estate and Industrials.
  • Nearing resistance again after S&P E-minis briefly traded above 4171.75 yesterday, the Apr 4 high. Current trend conditions are bullish - price has recently breached 4119.50, Mar 6 high, reinforcing a positive theme.
  • The move higher has also resulted in a break of 4148.48, 76.4% of the Feb 2 - Mar 13 downleg. This signals scope for an extension to 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key M/T resistance.

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