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ESA Consolidates Early Week Gains With Step Closer To Key Resistance

US STOCKS
  • The S&P e-mini closed at 4568.25 for near unchanged from Wednesday after a small lift ahead of the cash early close fifteen minutes earlier.
  • It consolidates gains seen earlier in the week, which mark initial resistance at 4580.50 (Nov 22 high) after which lies a key resistance at 4597.50 (Sep 1 high).
  • In cash space, the S&P 500 finishes 0.1% higher from Wednesday, outperforming the Nasdaq 100 (-0.1%) but underperforming the Dow Jones (+0.3%) and Russell 2000 (+0.6%).
  • Gains were led by health care (+0.5%) and energy (+0.45%, despite lower WTI) whilst communication services (-0.7%) lagged.
  • Consumer spending has also been in focus with Adobe earlier tracking Black Friday online spending up 5.5% Y/Y. Staples (+0.4%) have outperformed discretionary (+0.1%) – notable names include Best Buy (+2.2%), Walmart (+0.9%), Target (+0.7%) and Amazon (little changed).

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