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Stocks Stage Shallow Bounce

EQUITIES
  • Equity markets trade slightly firmer ahead of the Wall Street open, with European indices in the green by just shy of 1%. US futures are seeing similar gains, albeit slightly shallower, with the e-mini S&P higher by 0.4%, while the NASDAQ future very slightly outperforms.
  • This puts cash indices on track for a positive open later today, although the outlook remains fragile given the proximity to recent lows for the e-mini S&P. The outlook remains bearish for the index following Friday's break of key support 4293.75, Sep 20 low. The break strengthens a bearish case and confirms a resumption of the bear cycle that started Sep 3. The move also establishes a price sequence of lower lows and lower highs and this reinforces bearish conditions, opening 4214.50, Jul 19 low.
  • Across Europe, the tech sector leads the bounce, reflected in the NASDAQ future's outperformance, with materials lagging modestly.
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