February 06, 2023 15:38 GMT
Stocks Edge Through Overnight Lows, But Uptrend Remains Intact
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- US equity futures manage to slip below the earlier lows, putting the e-mini S&P at 4104.00 and making for a 2.5% pullback off the FOMC highs last Wednesday.
- The communication services and material sectors are leading the way lower as soft energy prices and sour earnings releases (Tyson Foods, Activision Blizzard) weigh at the margins. Gold miners (namely Newmont) are particularly impacted, although the company is sliding on M&A reports rather than the pullback in the gold price itself.
- The NYSE TICK Index shows sales programs at 1032ET, 1016ET adding the pressure - with no headlines or underlying driving for stock markets at present.
- Despite the Monday pullback, the over-arching uptrend in the e-mini S&P keeps prices above first support at the 20-day EMA at 4040.48.