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Maintaining Earlier Broad Gains After Fresh Record Highs For The Nasdaq 100

US STOCKS
  • US equity indices have held onto strong gains seen in the 90 minutes after the cash open, with ESH4 currently at 4813 still close to its earlier high of 4817.
  • It has extended clearance of a major resistance at 4808.25 (Jan 4, 2022 high) and opens 4862.08 (Fibo projections of Nov-Dec price swing).
  • In contrast to yesterday’s mega-cap driven increase, today’s gains are broader-based amidst broader risk-on flows with WTI strength and the USD index slipping.
  • Within SPX, gains are led by energy (+1.1%) with crude futures seeing further strong gains in the face of the timeframe needed to establish a coalition in the Red Sea, communication services (+0.95%) and materials (+0.9%).
  • As has been the case throughout the session, IT and consumer staples lag with near unchanged on the day.
  • The Russell 2000 outperforms (+1.8%) although it would only be its largest increase since Thursday. It’s followed by the Dow (+0.5%), S&P 500 (+0.4%) and Nasdaq 100 (+0.3%), the latter trimming gains after touching fresh record highs of 16800.45.
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