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Equities Roundup, Strong Energy Shares Soften Weaker Autos

US STOCKS
  • US stocks trading mixed in late morning trade, SPX Eminis completely reversed post-ISM rally move to mildly weaker/near opening levels to around 4135.0 at the moment. Nasdaq also weaker (12118.0) while Dow stocks are outperforming (DJIA +202 at appr 33475).
  • Strong energy sector performance (+4.42%) helping buoy broader index levels, oil shares strong after the OPEC+ production cut surprise announced late Sunday. Leaders: Marathon (MRO) +8.01%, Conoco-Philips (COP) +7.79%, Schlumberger (SLB) +6.84% and Hess Energy (HES) +6.77%.
  • Recent drop in auto sales for Toyota: March 2023 U.S. Sales Of 176,456 Vehicles, Down 9.1% On A Volume Basis; Total U.S. EV Sales (Benzinga) weighing while Tesla trades -6.22%.
  • Despite the reversal, bullish conditions continue for Eminis. After breaching 4148.48 (76.4% of the Feb 2 - Mar 13 downleg) to 4156.75 high, a clear breach of this level would signal scope for an extension towards 4205.50, Feb 16 high ahead of 4244.00, Feb 2 high and a key medium-term resistance.
  • In the event of a significant reversal, key short-term support lies at 4027.87, the 50-day EMA.
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