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Single Stock Turmoil Continues, Indices Breathes Sigh of Relief

EQUITIES

After a negative start to the session, US equity futures rallied sharply at the open, helping boost indices nicely throughout the cash session. Drama and turmoil in single stocks continued, with GameStop opening with losses of 25% and falling further after a number of brokers, namely Interactive Brokers and Robinhood looked to limit or restrict options traded in some stocks to liquidation only and by upping margin requirements on new positions.
The e-mini S&P bounced well off support at the 50-dma (both Wednesday and Thursday), which crosses at 3709.82. Wednesday's highs of 3853 mark the first upside target for the index from here.

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