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Free AccessStocks 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.