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Finishing Month/Quarter-End Strong

US STOCKS
  • US stocks continue to march higher in late session trade, SPX Emini futures currently at 4134.5 - through resistance of 4119.5 (March 6 high) with focus on the next key resistance level of 4148.48, 76.4% retracement of the Feb 2 - Mar 13 downleg.
  • Month end portfolio rebalancing playing a part as equities started extending highs over the last hour. Current sector leaders are Consumer Discretionary (+2.5%), Communication Services (+1.95%) and Real Estate (+1.7%) sectors.
  • Laggers: Utilities (+0.58%), Energy (+0.63%) and Consumer Staples (+0.75%) sectors firmer but lagging the pace of session gainers.
  • In the event of a reversal, key short-term support lies at 3937.00, the Mar 24 low. A break of this support would be bearish. Initial support lies at 4012.49, the 20-day EMA.

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