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Equity Roundup: Program Buying Off Recent Lows

US STOCKS

Stocks reversed early gains as markets reminded of ongoing tension between Russia/Ukraine after Newsweek headline portends Russia invasion within 24 hours.

Recent program buying has SPX eminis bouncing off lows.

  • SPX Eminis currently trading -18.75 points (-0.44%) at 4281.5; Dow Industrials -80.78 points (-0.24%) at 33521.92; NASDAQ -90 points (-0.7%) at 13293.92.
  • SPX agging sectors:
    • Communication Discretionary -1.37%
    • Communication Services -0.75%
    • Utilities -0.71%
  • Technicals: ESH2 holding about first support of 4250.0, Feb 22 low.
    • Moving average set-up continues to suggest that 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 - at 4519.72 - is still required to suggest scope for a stronger recovery. Until then, a bearish threat remains present.

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