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EQUITIES: UnitedHealth Drives DJIA E-Minis Lower Pre-Market

EQUITIES
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Mixed pre-cash market performance for futures with the NASDAQ e-mini +0.13%, S&P 500 e-mini +0.08% and DJIA e-mini -0.33%.

  • Pre-market movers of note include those that have reported earnings.
  • UnitedHealth indicated ~10% lower, with guidance disappointing. The name has the largest weighting in the DJIA, explaining the underperformance in the e-mini covering that index.
  • Elsewhere, financials that have reported indicated higher, outperforming the S&P 500 e-mini comfortably (Citi +2.2%, Bank of America +2.8%, Goldman Sachs +3.1% & Charles Schwab +8.0%).
  • Tech will be watched after BBG sources reported “Biden administration officials have discussed capping sales of advanced AI chips from Nvidia Corp. and other American companies on a country-specific basis.” AMD indicated 1.1% lower, Nvidia showing -0.7%.
  • Technically, a bull cycle in S&P500 e-minis remains intact and Monday’s gains reinforce the current trend condition.
  • The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Sights are on 5,961.00, a Fibonacci projection.
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Mixed pre-cash market performance for futures with the NASDAQ e-mini +0.13%, S&P 500 e-mini +0.08% and DJIA e-mini -0.33%.

  • Pre-market movers of note include those that have reported earnings.
  • UnitedHealth indicated ~10% lower, with guidance disappointing. The name has the largest weighting in the DJIA, explaining the underperformance in the e-mini covering that index.
  • Elsewhere, financials that have reported indicated higher, outperforming the S&P 500 e-mini comfortably (Citi +2.2%, Bank of America +2.8%, Goldman Sachs +3.1% & Charles Schwab +8.0%).
  • Tech will be watched after BBG sources reported “Biden administration officials have discussed capping sales of advanced AI chips from Nvidia Corp. and other American companies on a country-specific basis.” AMD indicated 1.1% lower, Nvidia showing -0.7%.
  • Technically, a bull cycle in S&P500 e-minis remains intact and Monday’s gains reinforce the current trend condition.
  • The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Sights are on 5,961.00, a Fibonacci projection.