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Equities Roundup: Off Lows, Bull Theme Intact

US STOCKS
  • Stocks continue to drift off session lows, SPX Eminis currently marking session highs: S&P E-Mini futures trading down 22 points (-0.5%) at 4401.75, DJIA down 160.35 points (-0.47%) at 33785.72, Nasdaq down 77.9 points (-0.6%) at 13551.93.
  • Not a lot of appetite for risk going into the weekend with mildly weaker Health Care, Communication and Financials sectors leading gainers.On the flipside, weaker crude (WTI -.53 at 68.99) continues to sap Utilities, Energy and Materials sector performance.
  • Despite this week's pullback from last Friday's 14-month high (ESU3 4492.50), a bull theme in S&P E-minis remains intact. The move lower is allowing a recent overbought condition to unwind.
  • Initial key support lies at the 20-day EMA, at 4356.07. A break of this average would strengthen a short-term bearish theme and signal scope for a deeper pullback. On the upside, the bull trigger is 4493.75, the Jun 16 high. A break would open 4500.21, the top of a bull channel.

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