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Familiar Price Action as Early Dip Retraced Into the Close

EQUITIES
  • In a similar fashion to Tuesday, US equity markets came under considerable pressure shortly following the opening bell, as stocks followed Treasury yields and oil resumed the recent decline. This prompted the E-mini S&P to make light work of the overnight lows, as oil & gas exploration names led losses. The energy sector was comfortably the poorest performing sector in the US.
  • This price action reversed into the close, as was the case on Tuesday, as the buy-the-dip strategy remained dominant. Wednesday's low was comfortably north of the week's lowest levels of 4305.25, which remains the first downside target.
  • European markets were similarly positive, helping Germany's DAX to outperform (closing higher by 1.2%), closely followed by the UK's FTSE-100 (+0.7%).

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