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ESM4 Close To Latest Resistance But Lacking Impetus

US STOCKS
  • The S&P 500 e-mini has seen some mild upward pressure in recent trade, although at 5213 remains off session highs and of more note below yesterday’s 5226.75.
  • This prior increase pierced the 20-day EMA, highlighting a stronger short-term bullish condition with potential to expose the key resistance and bull trigger at 5333.50 (Apr 1 high).
  • A mixed day across the suite of indexes: the Dow leads (+0.4%), a flat S&P 500 (0.0%) and marginally lower Nasdaq 100 (-0.1%) are in the middle whilst the Russell 2000 easily underperforms (-0.7%).
  • SPX leaders: utilities (+0.9%, some broad strength but Vistra a standout at +11% after beating earnings yesterday) and financials (+0.3%, led by JPM +1.4%)
  • SPX laggers: real estate (-0.8%) and materials (-0.5%) with Treasury yields climbing on the day.

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