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Equities Roundup: SPX Extending Highs, SPX Best Since Apr'22

US STOCKS
  • Stocks continue to inch higher in early afternoon trade, SPX climbing to the best levels since mid-April 2022 as markets discount Wednesday's "hawkish hold" policy announcement from the FOMC following this morning's higher than expected weekly claims data.
  • Currently, S&P E-Mini future are up 30.25 points (0.68%) at 4448.5; Nasdaq up 64.8 points (0.5%) at 13690.54; DJIA up 332.64 points (0.98%) at 34312.84.
  • Leading gainers: Health Care, Industrials and Energy sectors currently outperforming as they recover from midweek selling. Citing technical support for the former, Elevance Health climbed 4.25%, CVS +3.85%, Cigna +3.55. Energy stocks supported by a bounce in crude (WTI +2.02at 70.29), Marathon +2.65$, APA +2.6%, Devon +1.75%.
  • Laggers: Real Estate, Consumer Discretionary and Communication Services sectors underperformed. Management and development securities weighed on the former, Host Hotels -3.35%, Welltower -2.10%, Ventas -1.35%.
  • Today's rally in S&P futures confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows, marking an extension of the bull cycle that started in October 2022. The focus is on a climb towards 4452.42, a Fibonacci projection. Firm support is at 4304.28, the 20-day EMA. Initial support is at 4348.75, the Jun 5 high.

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