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US Post Close Round-Up

EQUITIES
  • SPX eminis strengthened further today, grinding out another +0.5% gain, most of which came in early trade on China easing Covid restrictions before a more mixed shortened US session for Memorial Day, with cash equities closed.
  • It followed a circa 7% surge last week and has fared well today considering the solid re-pricing of Fed hikes, returning to 190bps to year-end off a Friday low of 177bps.
  • The nudge higher today leaves ESM2 at 4177.5, nearing key short-term resistance at the 50-day EMA of 4191.98, clearance of which would strengthen bullish conditions.

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