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Equities Roundup: Off Highs; GOP Negotiators Walk Out of Debt Talks

US STOCKS
  • Stocks have scaled back support in the last few minutes, still an inside range after SPX Eminis traded near the best levels since early February. S&P E-Mini futures are currently down 1.5 points (-0.04%) at 4210.75; DJIA down 39.93 points (-0.12%) at 33494.75; Nasdaq down 7.5 points (-0.1%) at 12681.23.
  • While optimism over a debt ceiling resolution to avoid default were supportive, recent headline "GOP DEBT NEGOTIATORS SAY WHITE HOUSE NOT BEING REASONABLE .. and GOP NEGOTIATORS LEAVE DEBT TALKS" Bbg have triggered late morning unwinds.
  • No substantive reaction to current policy panel event with Fed Chairman Powell, former chair Bernanke highlighting "key issues in monetary policy and the economy and facilitate discussions on the challenges faced by monetary policymakers.
  • Echoing previous comments - tighter credit conditions "weigh on economic growth hiring and inflation. As a result, our policy rate may not need to rise as much as it would have otherwise to achieve our goals."
  • At the moment: Emini futures have breached key resistance and the bull trigger at 4206.25, the May 1 high. Clearance of this level confirms an extension of the bull trend from Mar 13. This opens 4244.00, the Feb 2 high and the next key short-term resistance. Key support is at 4062.25, the May 4 low. A move through this level would highlight a bearish threat.
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