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Late Equity Roundup: Reversing Midday Highs, Banks Fading (Again)

US STOCKS
  • So much for hopes of holding above the 50-day EMA technical resistance of 4023.28, a key level to strengthen bullish conditions. S&P Emini futures have reversed midday support and looking to test early overnight lows.
  • Risk appetite is cooling as front month Emini futures tapped 3973.5 low last couple minutes - not far from late Wednesday low of 3968.75
  • Key support at 3966.25, yesterday’s low - where a break would be deemed bearish. Next key support is 3839.25 Low, March 13.
  • Current leading gainers are Communication Services (+1.64%) and Information Technology (+1.31%). Energy sector shares still underperform (-1.48%) while Financials sector has faded back near lows (-0.67%) as bank shares reverse course (CMA -9.25%, FRC -7.73%, Zion -6.74%).

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