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Equity Roundup: Holding Gains as Earnings Cycle Kicks Off

US STOCKS

Equity indexes trading firmer, off early session lows to near mid-range. Focus on start of latest earnings cycle, early bank releases: JP Morgan missed (2.63 vs. 2.72), BlackRock beat (9.52 vs. 8.79). Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo tomorrow.

  • SPX eminis (ESM2) currently +13.5 (0.31%) at 4407.75, despite bounce, the short-term condition remains bearish after breaching 50D EMA (4452.17) support Monday. Trading below 4400.0 reinforces bearish threat -- signals scope for weakness towards 4362.63 next, a Fibonacci retracement. On the flipside, Initial firm resistance has been established at 4519.75 (Apr 8 high) -- a break would ease the bearish threat.
  • SPX leading/lagging sectors: Industrials sector (+0.49%) lead by transportation w/ airlines soaring (pardon the pun). Delta guidance: 90% OF CORP. ACCOUNTS SAY THEY PLAN MORE TRAVEL IN 2Q, Bbg. Consumer Discretionary next up (+0.74%) as consumer services and durables outpace autos.
  • Laggers: Financials sector lagging (-1.05%), banks underperforming as earnings cycle kicks off (JPM -3.2% after 1Q miss)
  • Meanwhile, Dow Industrials currently trade +71.74 (0.21%) at 34291.52, Nasdaq +125.6 (0.9%) at 13498.31.
  • Dow Industrials Leaders/Laggers: Boeing (BA) leading (+4.96 at 181.24) followed by Amgen (AMGN) +3.18 at 253.22 and Microsoft (MSFT) +2.91 at 284.97.
  • Bank names lagging, JPM -4.34 at 127.20, GS -2.66 at 317.22.
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