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Stocks Within Range of ATH as Recovery Extends

EQUITIES
  • The equity recovery continues apace ahead of the Thursday open, with the e-mini S&P now within range of the all-time highs posted mid-June at 4258.25. The 50-day EMA remains a reliable trend indicator and continues to successfully identify where demand interest in this contract lies, once a corrective cycle is underway. Key short-term support has been defined at 4126.75. A break would signal scope for a deeper decline.
  • Across Europe, stocks are uniformly higher, with the Spanish IBEX-35 outperforming to trade with gains of 1.3% at the mid-point of the session. UK's FTSE-100 lags slightly, trading with shallower gains of 0.3%.
  • Europe's Tech sector is leading the way higher, with financials and consumer discretionary firms not far behind. The laggards Thursday are communication services and real estate names.
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