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Gaining Ground

US STOCKS

SPX eminis have recovered from pre-open lows (4269.25) to session highs of 4364.75 last few minutes, no specific headline trigger but rebound in FI markets as aggressive rate hike expectations coming off the boil (March 50bp hike had started to price in, back to 25bp) likely contributing.
Week's volatility subsided ahead of the weekend, current technicals:

  • RES 1: 4446.25/4485.75 High Jan 26 / Low Dec 3
  • PRICE: 4359.00 @ 16:45 GMT Jan 28
  • SUP 1: 4212.75 Low Jan 24 and the bear trigger
What to watch:
  • Latest earnings cycle rolls into next week, see 1040ET bullet on Megacaps
  • Following MN Fed Kashkari this AM, pick-up in Fed speakers out of blackout, calming the waters as markets had priced in more aggressive hikes on yr.
  • January employment report next Friday (+199k prior, +170k est)
  • Ebb/flow of perceived risk tied to Russia/Ukraine headlines
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