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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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Despite a shaky session Tuesday, US equities rallied into the close which has fed into a positive start for stocks across the continent. German firms are outperforming, with the DAX higher by 0.8% while the UK's FTSE-100 lags under domestic currency strength, slipping into negative territory by 0.1%.

Across Europe, the materials sector is trading well, led higher by persistent strength in commodities markets. The only two sectors in the red so far Wednesday are communication services and consumer staples.

US equity futures continue to find support ahead of the 50-dma at 3795.35. A break below here would be a bearish sign, but markets remain well within reach of all time highs at 3959.25 should resistance at 3900.23 give way (the 61.8% Fib of the pullback from Feb highs).

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