Equity Roundup

Stocks trading moderately weaker, near midmorning lows after some early session volatility on data, geopol headlines. Focus turns to Jan FOMC minutes at 1400ET.
Knee-jerk risk-on after flood of decent early data: better than expected Retail Sales helped by large seasonal adjustment, IP beat underpinned by utility surge though capacity still constrained.

• Strong risk off/risk-on unwind partially tied to Russia/Ukraine tensions -- observers not seeing any sign of troop pullback -- same concern expressed by NATO head Stoltenberg early Tuesday that there is "no concrete sign of de-escalation".
  
• SPX eminis trading -0.60% at 4437.5 (-27.0.); Dow Industrials -209, NASDAQ -140.0. SPX lagging sectors:
  • Information Technology -1.22%
  • Communication Services -1.05%
  • Health Care -0.57%
• Technicals: S&P E-minis remains vulnerable despite Tuesday's gains. The contract recently failed to hold above the 50-day EMA - at 4549.15.
  
  • This average represents a firm resistance and a clear break would suggest scope for a stronger rally towards 4671.75 initially, Jan 18 high.
  • The Feb 10 candle pattern is a bearish engulfing reversal, signaling a potential top and the recent move lower reinforces the pattern. This has exposed 4212.75.