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Equity Roundup: Not Far Off Week Opener After Volatile Week

US STOCKS

Calmer end to a rather hectic policy week, Tsys mixed/weaker in long end while equity indexes trade weaker, SPX emini futures near middle of narrow range, ESM2 currently -7.5 points (-0.18%) at 4132.0, not far below where the week started at 4152.75.

  • Technicals for SPX eminis: ESM2 eying key support of 4056.0 bear trigger and May 2 low. Next key support at 4029.25 May 13 2021 high. S&P E-Minis reversed course Thursday having failed to clear resistance 4303.50, the Apr 26/28 high. The move lower reinforces underlying bearish conditions - the trend direction remains down.
  • In the event futures manage to rally break of key resistance at 4303.50 is required to alter the short-term picture.
  • Earnings cycle past the halfway mark, resumes Monday w/ Duke Energy (DUK), Tyson (TSN) before the open, Trex (TREX), Int Flavor/Fragrances (IFF), Cargurus (CARG) after the close.
  • SPX leading/lagging sectors: Energy sector outperforms (+1.98%) O&G consumables outpacing energy and equipment serving names. Utilities sector follows (+0.36%). Laggers: Materials sector (-1.42%) construction materials shares lagging; Real Estate sector (-1.08%).
  • Meanwhile, Dow Industrials currently trades -72.52 points (-0.22%) at 32900.33, Nasdaq -48.5 points (-0.4%) at 12257.68.
  • Dow Industrials Leaders/Laggers: Chevron (CVX) +2.78 at 169.04, Apple (AAPL) +1.76 at 158.53. Laggers: Home Depot (HD) continues to sag -4.24 at 294.87, Nike (NKE) -4.06at 114.57.
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