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Equity Roundup: Stronger But Bearish Trend Continues


Major indexes making decent gains, extending highs ahead midday Friday, though still well off early week highs. SPX emini futures currently +100.25 (2.55%) at 4027.25, Dow Industrials +504.72 (1.59%) at 32231.91, Nasdaq +447.5 (3.9%) at 11817.74.

  • Despite the decent rebound S&P eminis remain vulnerable and short-term gains are considered corrective. This week’s continuation lower and fresh cycle lows, reinforces the primary bearish trend condition and signals scope for a continuation lower.
  • The next objective is 3843.25, the Mar 25 2021 low (cont). In terms of resistance, the key short-term level is at 4303.50, the Apr 26/28 high. On the flipside, Initial resistance is at 4099.00, the May 9 high.
  • Meanwhile, though earning cycle has nearly run it's course, some big names remain for next week: Home Depot and Walmart early Tuesday, Target early Wednesday
  • Techs still: Applied Materials and Cisco Wednesday and Thursday respectively.
  • SPX leading/lagging sectors: Consumer Discretionary (+3.69%) as autos surge, Information Technology (+3.45%) with semiconductor and hardware makers outpacing software, Energy sector (+3.38%) with rebound in crude.
  • Laggers: Consumer Staples (+0.86) and Health Care (+0.98%).
  • Dow Industrials Leaders/Laggers: Goldman Sachs (GS) +7.98 at 307.39, Home Depot (HD) adding to Thu's rally (+6.5 at 296.19), Salesforce (CRM) +6.55 at 166.97. Biopharmas lagging: Amgen (AMGN) -2.90 ay 241.82, Merck (MRK) -1.50 at 89.33.

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