US equity markets are expected to open a little lower on Friday, building on small losses on Thursday with indices still looking vulnerable to sharp declines even as earnings continue to surpass expectations. Once again it seems any rally off the lows in US indices doesn’t have the legs to go beyond the previous highs which is worrying as we get ever closer to the second rate hike in a decade and the first this year. Having held on a couple of occasions so far, it will be interesting to see whether the next test will see 18,000 in the Dow and 2,115 in the S&P will result in a significant break of an important ... (full story)