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Equities Roundup: Bull Theme Intact, Autos, Durables, Chips Leading

US STOCKS
  • Stocks continue to march higher in late trade, after trading near the lowest levels since July 12 this morning, S&P E-Mini futures are currently up 47.5 points (1.09%) at 4417.75, DJIA up 221.77 points (0.66%) at 33936.36, Nasdaq up 217.1 points (1.6%) at 13553.05.
  • Leading gainers: Consumer Discretionary and Information Technology sectors have bounced back from Monday's lows. Autos (Tesla +2.65%, Ford +1.95%, GM +1.8%) leading the former with household durables shares contributing: Newell Brands +7.75%. IT sector shares supported by strong showing in semiconductor stocks: Microchip +3.7%, Texas Inst +3.45%, Applied Materials +3.35%.
  • Laggers: Health Care, Utilities and Energy sectors underperformed. Energy shares unwinding support over the last couple sessions as crude prices recede (WTI -1.25 at 68.12), Hess Energy -1.15%, Exxon Mobil -0.5%.
  • The technical bull theme in S&P E-minis remains intact and the recent pullback appears to be a correction. The move lower is allowing a recent overbought condition to unwind. Initial key support lies at the 20-day EMA, at 4360.26.
  • A break of this average would strengthen a short-term bearish theme and signal scope for a deeper pullback. On the upside, the bull trigger is 4493.75, the Jun 16 high. A break would open 4506.23 the top of a bull channel.
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