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Stocks Return Lower as Relief Rally Runs Out of Legs

EQUITIES
  • Both European and US equities traded lower into the Thursday close, with the relief rally off the mid-week low running out of steam. This possibly confirms the Wednesday session as a corrective bounce, keeping focus on recent lows of 4138.75 as well as 4104.75 for the e-mini S&P.
  • Wall Street's tech sector led losses, erasing much of the strength posted earlier in the week as a higher Treasury yield curve pressured valuations - further evident in the weakness across Tesla shares, which dipped near 5%.
  • Any hopes of a diplomatic solution struck between the Ukrainian and Russian foreign ministers in Turkey today were disappointed, with Russia's Lavrov reiterating that Russia will continue with the special military operation, and any Putin - Zelensky meeting would have to entail specifics, putting off prospects of a ceasefire in the very near-term.
  • Key support for the e-mini S&P lies at 4094.25, the Feb 24 low for the M2 contract. A break of this level would confirm a resumption of the downtrend. The 20-day EMA, at 4335.19, represents an important near-term resistance. Price has recently failed to hold above this EMA. A clear break of it though would suggest scope for a stronger corrective bounce.
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