Late Equity Roundup, Late Session Highs

Generally positive reception from Jan FOMC minutes, not much to detail balance sheet reduction, couple Fed officials wanted to end asset purchases prior to the March FOMC.
"Most participants noted that, if inflation does not move down as they expect, it would be appropriate for the Committee to remove policy accommodation at a faster pace than they currently anticipate," the FOMC minutes said.
The U.S. consumer price index hit a 40-year high of 7.5% in January. "Participants agreed that uncertainty regarding the path of inflation was elevated and that risks to inflation were weighted to the upside," the report said.

• SPX eminis trading +0.32% at 4478.8 (+14.25) after the FI close; Dow Industrials +10.0, NASDAQ +18.0. SPX leading sectors:
  • Energy +1.42%
  • Material +0.66%
  • Industrial +0.57%
• Technicals: S&P E-minis remains vulnerable, with corrective intraday rallies proving particularly shallow. This keeps the outlook pointed lower for now, with downside impetus strengthened by the failure of the contract to hold above the 50-day EMA - at 4549.15.
• This average represents a firm resistance and a clear break would suggest scope for a stronger rally towards 4671.75 initially, Jan 18 high.
• The Feb 10 candle pattern is a bearish engulfing reversal, signalling a potential top and the recent move lower reinforces the pattern. This has exposed 4212.75.