Equities Roundup: Energy Sector Buoyed by Crude Rebound

Stocks holding mildly weaker for the most part in early afternoon trade, inside narrow ranges as markets await any debt ceiling development. According to Reuters, McCarthy's lieutenant Rep Garret Graves (R-LA) told reporters that Republicans and the White House are still "far apart" despite positive statements from principles after yesterday's White House meeting.

• At current levels, Eminis are not far off the best levels since early February tapped last Friday (4226.25). Currently, S&P E-Mini futures are down 15.25 points (-0.36%) at 4190; Nasdaq down 52.7 points (-0.4%) at 12667.62; DJIA up 11.7 points (0.04%) at 33299.52.
• Leading gainers: Energy and Utilities sectors currently outperforming, the former underpinned by a rebound in WTI crude (+1.23 at 73.28) with oil & gas refiners well bid (APA +3.2%, Chevron +2.95%, Exxon +2.6%, Marathon +2.25%).
• Laggers: Materials, Information Technology sectors underperforming, software and services providers weighing on the latter (ORCL -2.12%, PTC -2.11%, SNPS -1.89%).
• For a technical point of view, S&P E-minis trend needle continues to point north and today’s pullback is considered corrective. The contract traded higher last week and breached key resistance and the bull trigger at 4206.25, the May 1 high. Clearance of this level confirms an extension of the bull trend from Mar 13 and opens 4244.00, Feb 2 high and the next important resistance.
• On the flipside, key support is 4062.25, May 4 low. Initial support lies at 4156.44, the 20-day EMA.