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Equity Roundup: Paring Losses


Stocks trading mildly weaker in early cash trade -- well off early overnight lows. Modest pull-back in risk-off hedging while geopol risk remains: day six of Russia invasion of Ukraine.

  • Tsys bid but off highs w/ yield curves bull steepening for second consecutive session (5s30s +7.0 at 51.20 vs. mid-30s last week), Gold near highs +$16.36 (0.86%) at $1925.46; WTI crude +$6.21 (6.49%) at $101.94.
  • SPX Eminis -17.25 points (-0.39%) at 4350; Dow Industrials -246.1 points (-0.73%) at 33641.01; NASDAQ -45.1 points (-0.3%) at 13704.63.
  • SPX leading sectors:
    • Energy +1.77%
    • Consumer staples +0.09%
    • Lagger: Financials -2.25%
  • Technicals: Medium-term E-Mini S&P found resistance this morning ahead of the 20-day EMA that intersects at 4408.26. This represents an important intraday resistance.
  • Recent gains are likely part of a corrective cycle that is allowing a recent oversold condition to unwind. A deeper sell-off would signal a resumption of the downtrend and refocus attention on 4101.75, the Feb 24 low and bear trigger. A breach of the 20-day EMA would expose 4494.61.

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