Equity Roundup: Extending Highs, Carry-Over Risk-On, Banks Strong

Stocks firming up again, breaking upside range for SPX on whippy early trade, repeated pattern last few sessions: pared gains/extended session lows after the cash open, while futures extending session highs just as quickly in the last few minutes. Two-way program trade with better risk-on underlying support carry-over from overnight.

• SPX emini futures currently +58.25 (1.49%) at 3957.75, Dow Industrials 617.69 (1.98%) at 31886.6, Nasdaq +89.2 (0.8%) at 11445.09.
• Technicals, despite the bounce S&P E-Minis remain vulnerable following the reversal from last Wednesday’s high of 4095.00. This left the initial key resistance - 4099.00, May 9 high - intact.
• The reversal lower, and Friday’s fresh trend low, signals a resumption of the downtrend and opens 3801.97, 38.2% of the Mar ‘20 - Jan ‘22 bull leg (cont). Clearance of 4099.00 is required to ease the bearish threat and signal a potential short-term reversal.
• SPX leading/lagging sectors: Financials sector outperforms (+3.23%) w/banks gaining (Citi, Bank of America and JPM all gaining over 5.5%). Energy (+2.52%) lead by energy equipment and services, Consumer Staples (+2.09%).
  
• Laggers: Carry-over weakness for Consumer Discretionary (-0.36%) w/ auto shares outperforming retailers; Real Estate (+0.86%).
• Dow Industrials Leaders/Laggers: As noted banks outperforming: Goldman Sachs (GS) +10.58 at 317.38, Visa (V) +7.77 at 206.80, JPM +7.20 at 124.54.
• Laggers: Home Depot (HD) -3.29 at 283.90, followed by Salesforce (CRM) -1.01 at 158.64.