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NASDAQ Futs on Top as Alphabet Shares Set for New Record Highs

EQUITIES
  • US equity futures sit higher ahead of the Wednesday open, indicating a positive start at the opening bell, with NASDAQ futures leading early gains. A solid set of earnings after-market Tuesday have set up markets well, with both Meta (Facebook) and Alphabet (Google) sharply higher pre-market.
  • Strength across US futures put the e-mini S&P at 4575 overnight and above the 100-dma of 4563.00, which marks a fourth consecutive session of strength for the index. Gains though are still considered corrective. Price action in January resulted in a reversal of the moving average condition to bearish. This suggests that short-term gains are corrective.
  • Two important resistance levels to watch are; 4522.38 (breached), the 20-day EMA and the more important 4576.53 level, the 50-day EMA. A decisive break of this resistance zone would suggest scope for a stronger reversal.

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