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Equity Roundup: SPX Trough 50D EMA Resistance, Mid-Feb Levels

Stock indexes bouncing, mostly higher with SPX emini +20.5 (0.47%) at 4422.5, while Dow trades - 3.52 (-0.01%) at 34478.02, and Nasdaq +177.4 points (1.3%) at 13793.17.
  • Irrespective of hawkish Fed-speak from Bullard and Waller earlier weighing on short end rates (bonds well bid but off highs) and geopolitical events (Biden/Xi call, Putin arena rally on Crimea Spring) that haven't generated much of a market reaction.
  • Trading desks citing various factors for support: triple witching expiration buying/squaring, and technical support as SPX eminis trade through first resistance 50D EMA of 4410.0 at 4420.0. Breach opens next key resistance of 4446.25, the 200-dma followed by February highs of 4476.50.
  • SPX leading/lagging sectors: Information Technology rebounds (+1.16%) with Semiconductor sector (+2.21%) outpacing Hardware makers (+1.12%) and Software/Service (+0.89%); Consumer Discretionary (+.98) driven by Auto makers. Laggers: Utilities (-0.88%) and Industrials (-0.46%).
  • Dow Industrials Leaders/Laggers: (CRM) +4.34 at 214.75 and NIKE (NKE) +2.69 at 130.10. Laggers: Travelers (TRV) insurance -3.09 at 177.94; United Health (UNH) back under pressure again -3.09 at 177.94.

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