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S&P 500 E-mini Holds Most Of Its Retrace Of Wednesday’s Rout

  • ESH4 trades within 10pts of its session high of 4821.75 having mostly reversed Wednesday’s late rout, in turn coming close to recent highs of 4830.75.
  • Further resistance is eyed at 4854.75 (Fibo projection of Nov-Dec price swing) whilst support is formed by Wednesday’s low of 4743.25.
  • In e-mini space, the S&P 500’s +0.3%, sees it underperform the Russell 2000 (+1.2%) for the second day running, mostly in line with Nasdaq 100 (+0.3%) and outperform the Dow (+0.1%). In cash space, NDX at 16801.57 has seen a strong push back closer to Wednesday’s record high of 16860.68.
  • Mega-caps languish today after some large gains earlier in the week, ranging between +0.6 and -0.5% but mostly weaker. The week’s drivers here have been Alphabet (+6.5%) and Meta (+5.1%) but with a solid drag from Apple (-1.8%).
  • The day’s gains for SPX are more broad-based, led by utilities (+0.95%), consumer staples (+0.9%) and energy (+0.8%). Consumer discretionary lags (-0.25%, with Nike slumping -11% post-earnings) followed by IT (+0.15%).

S&P 500 e-miniSource: Bloomberg

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