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Fresh Highs Expected Through the Open as Futures Build on Friday Strength

EQUITIES
  • Stock futures sit higher headed into the cash open, with markets expected to pick up on last week's strong finish and build to fresh all-time highs for the S&P 500 (intraday best posted last week at 4842.07). VIX futures are under pressure, holding close to the cycle lows posted on Jan 11, and are lower for a third consecutive session.
  • Once again, outperformance noted in the NASDAQ, with futures higher by 0.5% vs. The e-mini S&P's 0.3% gain. The uptrend in the e-mini S&P certainly remains intact, Moving average studies remain in a bull-mode condition, reinforcing the current bullish condition. Sights are on 4900.00 next. Key support lies at 4699.31.
  • Earnings season extends this week (although starts the week on a quieter note). Of the reports so far, Q4’23 earnings have generally beaten expectations, with average EPS 3.8% ahead of forecast, and average revenues 0.1% above. Focus for the coming week is on tech names, with Intel, IBM and Texas Instruments due, while Tesla is the largest name for the week, reporting on Wednesday: https://roar-assets-auto.rbl.ms/files/59582/MNIUSE...

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