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CORRECTs Late Equities Roundup: Best Levels Since March 9

US STOCKS
  • US stocks holding moderate gains in late trade, front month S&P futures currently at 4020.0 after breaching the 50-day EMA short term resistance of 4025 earlier to a session high of 4028.0, the best level since March 9.
  • Leading gainers were Energy (+3.37%), Consumer Discretionary (+2.35%) and Financials (+2.20%) sectors.
  • Banks outperformed while Treasury Secretary Janet Yellen said Tuesday the U.S. banking system is stabilizing, while Treasury remains committed to ensuring the ongoing health and competitiveness of America's regional banks.
  • From a technical standpoint, S&P E-Minis continue to extend a recovery from 3839.25, Mar 13 low. Key short-term resistance to watch is the 50-day EMA which today intersects at 4025.01. This EMA represents an important pivot level.
  • While price remains below the EMA, it is likely that gains are a correction ahead of a resumption of the downtrend. A clear break of the average would change that and highlight a stronger bullish environment.
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