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Strength Through the Open Fades as Markets Finds New Near-Term Range

EQUITIES
  • Stocks opened strongly Thursday, capturing the overnight rally in index futures, but the bounce swiftly faded as cash markets returned lower. Growth/tech names remain the market leaders, with the NASDAQ the first to erase opening losses and dip into the red, with bluechip indices including the S&P 500 and DJIA shortly following.
  • The consumer discretionary sector - and in particular carmakers - were a source of particular weakness, led by Tesla which dropped as much as 8% following a supply chain reshuffle.
  • Across equity futures, the e-mini S&P was volatile inside the newly found range of 4200 - 4450, a channel that could define price action as traders find their feet following the Fed rate decision. The outlook for now remains bearish and a break of support at 4212.75 would resume the downtrend. Resistance to watch is 4446.25, Wednesday's high.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market News

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