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Equity Roundup: Month End Giveth, Month End Taketh Away

US STOCKS

SPX eminis trading weaker, SPX eminis extending session lows in last few minutes: ESM2 -76.25 (-1.78%) at 4207.75 still well off late Tue low around 4138.0.

  • Equities pretty skittish after first full week in latest earnings cycle -- majority beating estimates, but forward guidance still spurred heavy selling on some, supply constraints and/or demand shock tied to China lockdown worries weighing on others.
  • The week’s lows reinforced bearish conditions and confirmed a resumption of the bear cycle w/ Initial key support for SPX at 4136.75 Low Apr 26; next key support level at 4129.50 Low Mar 15.
  • Month-end factor: position rebalancing out of bonds into equities (Citi) amid thin market depth could (likely) lend to more whippy trade later in the session. Keep any eye on initial resistance defined at 4303.50, Apr 26/28 high. A break of this hurdle would signal scope for a stronger corrective bounce and expose 4355.50, the Apr 18 low.
  • SPX leading/lagging sectors: Materials (-0.23%), Energy (-0.73%) and Industrials (-0.80%) underperforming the least at the moment.
  • Laggers: Consumer Discretionary (-3.88%) weighed down by weaker Amazon (AMZN, -11.74%), Ebay (-1.21%) and ETSY (-2.526%), while Autos outperform (+2.56%), Tesla leads +4.69%.
  • Meanwhile, Dow Industrials currently trades -407.61 points (-1.2%) at 33508.58, Nasdaq -240.5 points (-1.9%) at 12631.45.
  • Dow Industrials Leaders/Laggers: Honeywell (+7.15) Caterpillar (+0.49). United Health Care leading laggers (-10.77).
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