Equity Roundup: Downtrend Holds, Attn on FOMC, Earnings After Close

Stocks trading near midmorning session lows, SPX emini futures ESM2 currently -15.5 points (-0.37%) at 4153.25.

• S&P E-Minis remain in a downtrend, despite the recovery from Monday’s low. Fresh cycle lows continue to reinforce underlying bearish conditions and Monday’s move lower resulted in a probe of key support at 4094.25, the Feb 25 low.
• A clear break of this level would reinforce bearish conditions and open the 4000.00 handle. 4056.00, Monday’s low, has also been defined as an important bear trigger. On a reversal, firm short-term resistance is at 4303.5.
• With more focus on upcoming FOMC, still some large earnings on tap after the bell: Allstate (ALL), GoDaddy (GDDY), MetLife (MET), Ebay, ETSY.
• SPX leading/lagging sectors: Carry-over support for Energy sector (+1.13) as O&G shares outperform energy equipment and servicers. Similarly, Utilities gaining (+1.10%) as independent power/renewable electricity names outperform gas and traditional electricity.
  
• Laggers: Continued weakness for Consumer Discretionary (-1.59%) as autos that had been supporting the sector shift into reverse.
• Meanwhile, Dow Industrials currently trades +21.11 points (0.06%) at 33143.93, Nasdaq -175.1 points (-1.4%) at 12388.77.
• Dow Industrials Leaders/Laggers: Honeywell outperforming (HON +4.31 at 201.31), 3M (MMM +2.79 at 150.87). Laggers: United Health (UNH -4.72 at 494.90), Microsoft (MSFT -3.37 at 278.42).