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S&P E-Mini Nears Major Resistance, Buoyed By Mega-Cap Strength

US STOCKS
  • ESH4 has resumed its push higher, most recently touching 4799.25 before stopping just of the round 4800.00 after which lies major resistance at 4808.25 (Jan 4, 2022 high).
  • Sticking with e-minis, the S&P 500 (+0.6%) closely follows the Nasdaq 100 (+0.7%), whilst the Down (+0.2%) and Russell 2000 (+0.2%) lag.
  • In cash space, Apple (-1.3%) remains under pressure after earlier Apple watch production halting headlines, but there are some large gains for other mega-caps, with Meta (+3.4%), Google (+3.3%), Amazon (+2.1%) and Nvidia (+1.9%).
  • Those names help drive communication services (+2.3%) to outperform SPX, followed by energy (+1.7%) with WTI strength amidst Red Sea traffic disruption and consumer staples (+1.3%), whilst real estate lags (just -0.2%) amidst higher yields.
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