Equity Roundup: Off Early Highs

Stocks have reversed early gains, SPX emini futures weaker as ESM2 dips back below 4000.0 (24 points at 3965.5) in late morning trade with modest bounce off lows after the London session close. Directional for the moment with higher Tsy futures, broadly flatter curves (2s10s -11.681 at 32.112) and firmer US$.

• Technicals for SPX eminis: S&P E-Minis remain vulnerable following last week’s sharp reversal in ESM2 from 4303.00 (May 4 high) and Mon’s move lower that resulted in a breach of support at 4056.00 (May 2 low). A clear break of this support confirms a resumption of the underlying downtrend and opens 3958.00 next, a 2.0 Fibonacci projection. On the upside, key resistance has been defined at 4303.50, the Apr 26/28 high.
  
• Earnings cycle continues, some names after the bell include Roblox Corp (RBLX), Occidental Petroleum (OXY), Coinbase Global (COIN), Welltower (WELL), Callaway (ELY), Wynn Resorts (WYN) and Electronic Arts (EA).
• SPX leading/lagging sectors: Energy sector outperforms (+.83%) O&G consumables on par with gains in energy and equipment serving names. Communication Services and Information Technology both around +0.70%.
  
• Laggers: Real Estate sector leads laggers (-2.36%) followed by Utilities (-1.58%) and Financials (-1.22%).
• Meanwhile, Dow Industrials currently trades -227.03 points (-0.7%) at 32033.14, Nasdaq down 18.9 points (-0.2%) at 11608.74.
• Dow Industrials Leaders/Laggers: Amgen (AMGN) +3.97 at 243.21, Microsoft (MSFT) +2.87 at 267.45. Laggers: Home Depot (HD) continues to sag -5.68 at 291.35, Goldman Sachs (GS) -3.93 at 340.96.