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Equity Roundup: Back in Black, For How Long?

US STOCKS

Stocks trading mixed, well off overnight lows with SPX and Nasdaq in the green for the moment as markets warily eye simmering tension between Russia/Ukraine. Tenuous situation remains fluid -- perhaps measured response via sanctions from US and allies lending to relative calm as U.S. desks re-staff following the extended holiday weekend.

  • SPX eminis see-sawing around 4345.0 level over the last four hours after opening weaker/holding lower through Asia hours. Eminis currently trading + 3 points (0.07%) at 4346.25; Dow Industrials -118.33 points (-0.35%) at 33960.13; NASDAQ +28 points (0.2%) at 13575.34.
  • SPX leading sectors:
    • Communication Services +0.49%
    • Information Technology +0.32%
    • Industrials +0.30%
  • Technicals: E-Mini S&P technical conditions remain bearish and the contract has traded lower today. The moving average set-up and the contracts recent inability to remain above the 50-day EMA - at 4528.69 - suggest the broader path of least resistance remains down. The focus is on this year’s low of 4212.75 on Jan 24.
  • For bulls, a clear break of the 50-day EMA is required to suggest scope for a stronger recovery. Until then, a bearish threat remains present.

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