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Equities Roundup: Still Bid, Off Cycle Highs Into London Close

US STOCKS
  • Stocks bounced off early session lows, extended highs following the latest UofM data down-revised inflation expectations. SPX Eminis neared an all time high of 5588.00 from June 20, Nasdaq marked a new all-time high of 18,029.26, while DJIA climbed to 39,436.89 -- well off mid-May high of 40,003.59.
  • Support waned going into the London close, knock-on month end and position squaring ahead of the weekend has pared price action ahead midday. Currently, the DJIA is up 61.82 points (0.16%) at 39225.8, S&P E-Minis up 12.25 points (0.22%) at 5558, Nasdaq up 52.7 points (0.3%) at 17912.26.
  • Technical trend condition in S&P E-Minis is unchanged and signals remain bullish with price trading closer to its recent highs. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This confirmed a resumption of the uptrend. Note that moving average studies are in a bull-mode position, highlighting positive sentiment. Sights are on 5594.66, a Fibonacci projection. Support to watch is 5480.29, the 20-day EMA.
  • Information technology and Financial sectors outperformed in the first half, semiconductor makers supporting the former: Qorvo +2.54%, KLA Corp +2.38%, Microchip Technology +2.33%, Applied Materials +2.29%. Regional banks buoyed the Financial sector: Key Bank +3.56%, Regions Financial +3.49%, Citizens Financial +3.38%.
  • On the flipside, Utilities and Consumer Discretionary sectors underperformed ahead midday. Independent power and electricity providers weaker: AES -4.77%, NextEra Energy -3.01%, Xcel Energy -1.21%. Apparel weighed on Consumer Discretionary: namely Nike -19.28% after poor sales guidance and easing market share. Meanwhile Lululemon Athletica -2.35%.
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