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Equity Roundup: Lower Band, Energy Gains, Autos Weak


Stock indexes holding to narrow range, little weaker as last Fri's risk-on tone sold into. SPX emini futures currently -25.25 (-0.63%) at 3996, Dow Industrials -111.64 (-0.35%) at 32090.03, Nasdaq -145.8 (-1.2%) at 11662.81.

  • S&P E-Minis remain vulnerable and short-term gains are considered corrective. Last 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. 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: Energy sector adds to Fri's strong gains currently +2.23% w/O&G near highs; Health Care +0.33% followed by Utilities (+0.21%)
  • Laggers: Consumer Discretionary (-1.86) with autos broadly weaker (Tesla -4.35% at 736.20); Information Technology (-1.33%).
  • Dow Industrials Leaders/Laggers: Chevron (CVX) +3.88 at 171.75, biopharmas rebound: Merck (MRK) +1.17 at 91.58 and Amgen (AMGN) +0.96 at 244.36.
  • Laggers: Goldman Sachs (GS) -5.08 at 301.91, American Express (AXP) -3.62 at 155.13, Visa (V) -2.48 at 196.75.

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