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Equity Roundup: Holding Strong Gains, Testing 50D EMA Resistance

US STOCKS
Stocks rebound, breaking rather narrow overnight range and extending highs after the NY open. SPX eminis hovering just below key resistance: 50-day EMA of 4446.83, ESM2 currently 4446.0 +59.25.
  • Opens next key level of 4519.75 (Apr 8 high) where a break would ease the bearish threat. In the event of a reversal, move below 4400.00 signals scope for weakness towards 4321.07 next, a Fibonacci retracement.
  • No specific headline driver for the early rally -- support appeared to be driven by better than expected earnings releases ahead the open from: JNJ, CFG, HAL, TFC, PLD, SI, LMT, SBNY (Hasbro and Fifth Third missing est). After the bell: Netflix and IBM.
  • SPX leading/lagging sectors: Consumer Discretionary (+2.29%) with durables and apparels outpacing autos, retailing and consumer services. Real Estate sector (+1.91%) outpacing Communication Services (+1.62%) and Information Technology (+1.42%).
  • Laggers: Energy sector (-0.70%) with oil/gas, consumable fuels underperforming with drop in crude.
  • Meanwhile, Dow Industrials currently trades +429.1 (1.25%) at 34840.92, Nasdaq +241.8 (1.8%) at 13574.72.
  • Dow Industrials Leaders/Laggers: Strong bounce for JNJ (+6.08 to 183.80) more than making up for Mon's weakness - pharma names stronger. Boeing (BA) +5.76 at 185.68. Travelers Ins -8.22 at 177.00 despite beating earnings est, guidance in question.
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