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Path of Least Resistance for Stocks Remains Higher

EQUITIES
  • Stocks traded either side of unchanged Wednesday, with the rally from the Fed inspired lows stalling at the day's high. Nonetheless, the path of least resistance remains higher, after the e-mini S&P recovered from 4126.75, the Jun 21 low. The 50-day EMA is proving to be a reliable trend indicator and continues to successfully identify where demand interest in this contract lies, once a corrective cycle is underway.
  • Strength in US consumer discretionary, financials and energy names was countered by weakness in utilities, healthcare and consumer staples.
  • The picture was more negative across Europe, which saw the EuroStoxx50 shed 1.1%, while the UK's FTSE-100 was spared the bulk of the losses to drop 0.2% at the close.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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