Equities Roundup

Stocks have dipped recently, Emini's still inside the session range after inching off midmorning lows. It appears the late session dip was simply program driven as levels are rebounding. S&P E-Mini Future currently down 17.75 points (-0.43%) at 4134.25 (from 4125.0 on the move); Nasdaq up 2.3 points (0%) at 12309.44; DJIA down 298.89 points (-0.89%) at 33232.04.

• Financial sector shares helped spur morning losses (heavy selling in PacWest after morning 10Q filing spooked markets has bounced) even as FDIC says that protecting uninsured depositors cost $15.8 billion. Energy sector shares are currently underperforming as Crude prices slip lower (WTI -1.70 at 70.86.
• On the flip-side, Communication Services and Consumer Discretionary sectors continue to outperform.
• From a technical point of view, S&P E-minis continues to trade above the 50-day EMA, which intersects at 4104.97. A continuation higher would refocus attention on key resistance and the bull trigger at 4206.25, the May 1 high. A breach of this level would confirm a resumption of the bull trend that started Mar 13.
• Key support has been defined at 4062.25, the May 4 low. A move through this support would be a bearish development.