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Equities Roundup: Strong Auto Unit Sales Lifts Consumer Discretionary

US STOCKS
  • Stocks trading mildly lower, near the middle of a narrow range on a shortened pre-holiday session. Currently S&P E-Mini futures up 52.5 points (-0.03%) at 4489.5, DJIA up 285.18 points (-0.11%) at 34454.43, Nasdaq up 196.6 points (0.1%) at 13783.72.
  • Leading gainers: Real Estate, Energy and Consumer Discretionary sectors outperforming in the first half. Consumer Discretionary sector led by auto makers after strong unit sales reports: Tesla off highs is still trading +6.23% higher ahead the early close, GM +1.25%, Ford +0.85%. Real Estate sector buoyed by a combination of hotel/resort and office real estate investment trusts.
  • Laggers: Health Care and Information Technology sectors underperformed, the latter weighed by weaker software and services shares: Oracle -1.57%, Intuit -1.54%, Adobe -1.35%.
  • The technical/bull theme in S&P E-minis remains intact and Friday’s gains reinforce this condition. The contract has pierced key resistance and the bull trigger at 4493.75, the Jun 16 high. A clear break of this level would confirm a resumption of the uptrend and pave the way for a climb towards 4532.08, a Fibonacci projection. On the downside, key trend support has been defined at 4368.50, the Jun 26 low.

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