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Equity Roundup: Near Late Session Highs

US STOCKS
  • US stocks continue to hold mildly higher levels in late trade: SPX Eminis (4134.0 +16.75) and Nasdaq (12,092.0 +95.0) outperforming Dow Industrials (33,489.5 +7.0) all near modest session highs marked recently.
  • Modest two-way positioning remains thin ahead of Friday's March employment data (+230k est vs. +311k prior).
  • Energy, Consumer Staples and Materials sectors the top three S&P index laggers. Lead gainers include Communication Services, Information Technology and Financials (regional banks outperforming insurance and financial services names): First Republic (FRC +4.39%, Key Bank +3.95%, Well Fargo +3.0%.
  • For a technical point of view, S&P E-minis maintains a bullish tone after the index recently breached resistance at 4119.50, the Mar 6 high, reinforcing a bullish theme.
  • The move higher has also resulted in a break of 4148.48, 76.4% of the Feb 2 - Mar 13 downleg. This signals scope for an extension towards 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key M/T resistance. Firm support lies at 4039.75, the 50-day EMA.
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