Equity Roundup: Nearing Mon Lows, Autos, Tech Hammered

SPX eminis reversed modest carry-over overnight bid following late Mon' bounce on Musk/Twitter buyout acceptance, ESM2 extending session lows at 4220.25 (-73.0, -1.7%), nearing Mon's session low of 4195.5 (mid-March level).

Breach of initial support/Mon's low puts opens next key support level at 4129.50 Low Mar 15.

• On the flipside, key near-term resistance has been defined at 4509.00, Apr 21 high. A short-term concern for bears is a hammer candle formation on Monday. If correct, the pattern suggests scope for a stronger corrective bounce.
• Earnings resume: heaviest release schedule so far: ARCH, ADM, MMM, GE, WM, PEP beating ests this morning. After the close: GM, GOOGL, MSFT, TXN, V.
• SPX leading/lagging sectors: Modest rebound for Energy sector (+0.45%) after heavy pressure Mon after crude fell ("demand" shock tied to China zero covid lockdown fears). Modest gains from O&G and energy equipment/services as crude bounces.
• Laggers: Consumer Discretionary (-3.40%) weighed down by autos -- with particular focus on Tesla (-7.65% to 921.63) selling off after Musk's intent to buy Twitter for appr $44B accepted by the board.
• Meanwhile, Dow Industrials currently trades -415.61 points (-1.22%) at 33633.84, Nasdaq -353 points (-2.7%) at 12651.33.
• Dow Industrials Leaders/Laggers: Modest gainers include Procter Gamble, Walgreens/Boots, Dow Inc and Merck. Laggers: Microsoft -6.69 at 274.03, SalesForce -5.22 at 168.65, Boeing -5.43 at 170.49.