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Holding Move Off Highs, Buy And Sell Programs Keep To Narrow Ranges

US STOCKS
  • The S&P 500 e-mini continues to hold the ~20pt pullback off earlier highs of 5240.25, but still climbs 0.7% on the day to offset Friday’s -0.7%.
  • Technical analysis sees resistance at 5257.25 (Mar 8 high) after which lies the round 5300.00.
  • The largest sell program of the day for the NYSE TICK index has recently rolled through with a still relatively small 806 names. Prior to that, the session was shaping up for the smallest range in the index since the day after Thanksgiving 2022.
  • Nvidia has played a sizeable role in the move off highs, briefly turning negative earlier (currently +0.7%) having pared gains of as much as 5.2% at the start of its GPU Tech Conference.
  • AI more broadly remains at the fore, with Alphabet gaining particularly strongly (+4.3%) followed by Meta (+2.0%) and Apple (+1.3%), but Microsoft (+0.4%) lags more notably.
  • Alphabet’s strength tallies with communication services (+2.7%) clearing leading the day’s gains, followed by IT (+0.9%) and consumer discretionary (+0.85%). Health care and real estate (both +0.1%) and utilities (+0.35%) lag.
  • Accordingly, the Nasdaq 100 outperforms (+1.2%), whilst the Dow (+0.4) and Russell 2000 (-0.2%) underperform.

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