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Equities Roundup, SPX Near Next Resistance Level

US STOCKS
  • US stocks continue to march higher in late morning trade, SPX Emini futures currently at 4114.75 - nearing resistance of 4119.5 (March 6 high)
  • A clear break of the March 6 high signals scope for a climb towards the next key resistance level of 4148.48, 76.4% retracement of the Feb 2 - Mar 13 downleg.
  • In the event of a reversal, key short-term support lies at 3937.00, the Mar 24 low. A break of this support would be bearish. Initial support lies at 4012.49, the 20-day EMA.
  • Risk appetite improved going into month/quarter end. Current sector leaders are Consumer Discretionary, Communication Services and Materials sectors.
  • Laggers: Utilities, Information Technology and Energy sectors firmer but lagging the pace of session gainers.

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