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European Markets Edge Higher Despite Mixed US Close

EQUITIES
  • Cash stock markets finished flat following the Fed, but that hasn't prevented European indices from creeping higher ahead of NY hours, with outperformance in UK and Italian equities leading the way higher. Europe's energy and financials sectors are leading the way higher, more than countering the weakness in real estate and communication services.
  • In futures space, the e-mini S&P and Dow Jones contracts are in modest positive territory, but the NASDAQ future sits slightly lower. the recent pullback in the S&P E-minis is considered corrective. The outlook is bullish and the focus is on 4420.92, 0.764projection of the Jun 21 - Jul 14 - 19 price swing. Support is at 4342.30,the 20-day EMA.
  • Earnings remain a focus, with updates due from Mastercard, Amazon and T-Mobile among others.

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