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Stocks Solid, But Short of Alltime Highs


Having topped out at the Wednesday high, equities had looked fragile headed into Friday, but a bounce in European and US indices helped stall any protracted downside as prices stabilised. Industrials and materials traded well, helping support the S&P 500, while utilities and communication services lagged. The VIX traded lower as equities stabilised and traded within range of the 2021 lows printed in mid-February.

The e-mini S&P traded inside Thursday's range, keeping the directional parameters intact. A break above 3936 would reignite the upside argument, opening another test on the 3959.25 all time highs.

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