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Stocks Surge Further, With Tech Underpinning the Sharp Rally

EQUITIES
  • Equity markets continue to grind higher - the e-mini S&P shows at a new daily high of 4438.00, showing just above resistance at the Aug17 high of 4436.75. Bulls face a firmer test ahead at 4454.24 and 4477.27, the 50- and 20-day EMA values.
  • Gains are pretty broad-based, but are especially notable in the tech heavy indices - the NASDAQ-100 future is higher by close to 0.8% on the day, extending the recovery off the Aug18 low to nearly 3.5%.
  • Tech gains have been the theme since the local Asia close, with the Hang Seng rallying sharply into the close on little newsflow outside of technicals and a sharp bump higher in tech stocks.
  • Plenty of attention being paid to Nvidia ahead of the bell, which looks to add to the 8.5% Monday rally with another 1.9% lurch higher at the open Tuesday, making for a market cap gain of over $100bln in just two sessions.
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