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Equities Roundup, Holding Firm

US STOCKS
  • Stocks trading firmer in the second half, SPX Emini and Dow Industrial futures outperforming. Some tech stocks continue to buoy IT sector (Deutsche Bank upgraded Adobe target to $500 earlier) while auto shares are helping Consumer Discretionary stocks for a second day.
  • At the moment S&P E-Mini Future are up 16.5 points (0.39%) at 4290.75, DJIA up 145.87 points (0.43%) at 33812.75, Nasdaq up 100.1 points (0.8%) at 13204.1.
  • Leading gainers: Consumer Discretionary sector continued to lead the modest rally, autos leading with Tesla up 3.37%, Aptiv +1.55%. Information Technology sector shares were a close second as semiconductor and hardware makers traded strong (ADBE +4.75%, AMD and NVCA both +3.2%).
  • Laggers: Real Estate, Energy and Materials sectors traded weaker, Energy lagging for a second consecutive session with WTI crude sagging to 69.06 session low.
  • For a technical perspective, S&P E-minis remain in consolidation mode but the trend condition is bullish. Resistance at 4244.00, Feb 2 high and a bull trigger, has recently been cleared. The break reinforces bullish conditions and confirms a resumption of the uptrend that started in October 2022. The focus is on 4327.50 next, the Aug 16 2022 high (cont). The 50-day EMA, at 4159.67 remains a key support. A break is required to signal a reversal.
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