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Stalling For A Second Day Amidst Holiday-Thinned Trade

US STOCKS
  • The S&P E-mini has seen a particularly narrow range of just 7.5pts today in holiday-thinned trade, currently -0.04% at 4490.5 to fade European equities closing lower (FTSE 100 -0.16%, DAX -0.26%).
  • It’s the second consecutive day of no notable change having consolidated Friday’s shunt higher into month/quarter-end despite month-end extensions indicating a need for a rotation into bonds.
  • Friday’s increase pushed above its bull trigger at 4493.75 (Jun 16 high) with a high of 4498 (Jun 30 high) after which lies 4532.08 (2.236 proj of May 4-19-24 price swing). Tomorrow’s return to more typical market activity could provide more of a test of this clearance with the FOMC minutes eyed.

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