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Stocks Secure Best Week in Over a Year

EQUITIES
  • The e-mini S&P put in a solid performance into the Friday close, adding just under 200 points over the course of the week - the best weekly return since late 2020. Markets rode the usual volatility surrounding triple witching (the expiration of single stock options, index futures and index options) and took the lead from the extended bounce for China-tied stocks.
  • The NASDAQ Golden Dragon China Index added another 10% in Friday trade, extending the bounce off the week's lows to over 50%. As a result, tech and the NASDAQ Comp outperformed broader Wall Street, rising near 1.5% against the daily gain of 0.6% for the S&P 500 and 0.3% for the Dow Jones Industrial Average.
  • The Consumer discretionary sector traded well, fuelled by a bounce in automakers as Tesla added 3% and General Motors rose 2%. Utilities and industrials were the underperformers for the day.
  • For the e-mini S&P, both the 20-day and 50-day EMAs have been breached and the clear break suggests scope for a stronger short-term recovery. This strengthens the current bull cycle. 4,446.25 marks the 200-dma as the next upside level, ahead of the late Feb highs of 4,476.50.
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