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Holding Broader-Based Gains Seen Ever Since The Cash Open

US STOCKS
  • US equity indices continue to make good progress, with ESH4 most recently touching a high of 4816.50 after climbing mostly since the cash open.
  • It extends clearance of a major resistance at 4808.25 (Jan 4, 2022 high) and opens 4862.08 (Fibo projections of Nov-Dec price swing).
  • In contrast to yesterday’s mega-cap driven increase, today’s gains are broader-based. The rates backdrop is more supportive than yesterday’s sell-off, although directionally has provided little catalyst for the intraday strength. Gains instead have coincided with WTI strength and the USD index slipping.
  • Within SPX, gains are led by materials (+0.9%) and energy (+0.9%) with crude futures seeing further strong gains in the face of the timeframe to establish a coalition in the Red Sea, followed by communication services (+0.8%) and real estate (+0.8%). IT and consumer staples bring up the laggards, near unchanged on the day.
  • The Russell 2000 leads gains (+1.5%), followed by the Dow (+0.55%), S&P 500 (+0.45%) and Nasdaq 100 (+0.35%), the latter trimming gains after touching record highs of 16800.
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