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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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Stock indexes holding mixed after the FI close, DJIA and SPX mildly firmer vs. weaker NASDAQ levels into midday. SPX eminis traded weaker into the rate close have rebounded: ESM2 +9.5 (0.21%) at 4469 - still above 50-day EMA that intersects at 4447.32.

  • Key resistance established at 4519.75, the Apr 8 high, where a break would ease the bearish threat. On the flipside, key support at 4355.50 Low Apr 18, followed by 4321.07 61.8% retracement of the Mar 15 - Mar 29 rally.
  • Earnings cycle gains momentum, most early releases beat est's. Waiting for AA, UAL, TSLA after the close.
  • SPX leading/lagging sectors: Real Estate (+2.13%) continues to outpace Consumer Staples (+1.58%) and Health Care (+1.55%).
  • Laggers: Communication Services hit (-3.90%) after Netflix annc huge drop (-200k) in subscribers late Tue. NFLX currently -36.34% to 221.93.
  • Meanwhile, Dow Industrials currently trades +299.28 (0.86%) at 35211.42, Nasdaq -147.4 (-1.1%) at 13472.43.
  • Dow Industrials Leaders/Laggers: IBM also annc late Tue: leads rally (+9.05 at 138.16) on strong revs +8% and strong guidance in hybrid cloud service. Bad day for Disney (-6.93 at 124.97) as Fl Gov DeSantis seeks to end special tax district benefit.

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