Free Trial

Equities Roundup: Off Lows, Awaiting Next Round of Earnings

US STOCKS
  • Stocks are trading off early session lows, currently steady (SPX at 4180.0) to mixed with Nasdaq shares outperforming (12166.0 +12.6).
  • With no pertinent data on the session (upcoming Beige Book at the top of the hour notwithstanding), early weakness partially tied to heavy short end selling in rates as implied rate hikes over the next three FOMC meetings gained traction (while year end rate cuts continued to evaporate).
  • The trend outlook in S&P E-minis remains bullish and Tuesday’s gains reinforce current conditions. The contract traded to a fresh cycle high yesterday and is approaching the 4200.00 handle.
  • Sights are on 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key medium-term resistance. Firm support lies at 4073.75, the 50-day EMA. Initial support to watch lies at 4113.07, the 20-day EMA. Pullbacks are considered corrective
  • Stock earnings resume after the close: IBM, Kinder Morgan (KMI), Alcoa Corp (AA), Las Vega Sands (LVS), Tesla (TSLA), Discover Financial (DFS), Equifax (EFX), Crown Castle (CCI), Zions Bancorp (ZION).

To read the full story

Close

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.