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S&P Edges Off Highs, But Support Remains Untroubled

EQUITIES
  • The S&P 500 opened lower and remained in negative territory for much of the US afternoon, keeping the vague risk-off feel present since the Monday open intact. Nonetheless, the pullback in the index has done little to trouble equity bulls, with evidence of stubborn dip-buying still present as markets hold close to recent alltime highs.
  • In a minor reversal of the trends present at the beginning of the week, staples and healthcare trade in negative territory, with cyclicals from the consumer discretionary and financials sectors the best performers so far.
  • Moving average studies continue to point north, reinforcing current trend conditions. The focus is on 4481.75 next, a Fibonacci projection. Firm support is 4365.25, Aug 3 low.
  • The picture was more mixed in Europe, with core French and UK markets declining while German, Spanish and Italian markets made minor gains.
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