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Equities Roundup: Off Late Lows, Banks, Auto Makers Lagging

US STOCKS
Stocks are holding modestly weaker levels in late trade, off lows following comments from Chicago Fed Goolsbee on PBS:" Inflation Too High But At Least Coming Down".
  • S&P E-Mini Future currently down 21.5 points (-0.52%) at 4122.25; Nasdaq down 90.3 points (-0.7%) at 12238.06; DJIA down 116.22 points (-0.35%) at 33192.4.
  • Leading laggers: Consumer Discretionary, Information Technology and Financial sectors outperformed, automakers weighing on the former with GM -2.7%, Tesla -2.4% in late trade. Banks weighing on Financials, Comerica -4.25%, Keybank -3.7%, Well Fargo -2.8%.
  • From a technical point of view, S&P E-minis are consolidating and continue to trade above the 50-day EMA, which intersects at 4106.37. An extension higher would refocus attention on key resistance and the bull trigger at 4206.25, the May 1 high.
  • A break of this level would confirm a resumption of the bull trend that started Mar 13. Key support has been defined at 4062.25, the May 4 low. A move through this support would be a bearish development.

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