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Stocks Finish Week Lower, But 50-dma Provides Support

EQUITIES
  • The S&P 500 looks to finish the trading week lower, with the S&P 500 showing through the Tuesday lows ahead of the Friday closing bell. Nonetheless, the 50-dma provided some support, helping prop price action at 4,604.3.
  • The financials and energy sector led the way lower, with banks suffering as the curve re-flattened and trimmed assumed interest margins. The likes of Wells Fargo and Goldman Sachs traded softer by as much as 4%, while the energy sector dropped alongside soft oil prices.
  • The slip lower in prices follows a strong Thursday session for the e-mini S&P that resulted in a print above 4735.00, Nov 22 high. The break to fresh all-time highs confirms a resumption of the underlying uptrend and paves the way for a climb towards 4800.00 next. However, the contract has failed to hold onto this week's high and attention turns to support at 4589.76, the 50-day EMA. A break would strengthen a bearish threat.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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