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Equity Roundup: Modest Gains Autos Boost Cons Discretionary

US STOCKS

Stocks trading firmer after midday, upper half of the session range after a weaker open. SPX emini futures currently +12 (0.3%) at 3952.75, Dow Industrials +10.65 (0.03%) at 31943.54, Nasdaq +88.6 (0.8%) at 11353.2.

  • Technicals, despite the (modest) bounce, SPX remains vulnerable following the reversal from 4095.00, May 18 high. The pullback has left key resistance at 4099.00 intact, May 9 high. The reversal lower, and last Friday’s trend low, signals a resumption of the downtrend and opens 3801.97 next, 38.2% of the Mar ‘20 - Jan ‘22 bull leg (cont).
  • On the flipside, clearance of 4099.00 is required to ease the bearish threat and signal a potential short-term base.
  • SPX leading/lagging sectors: Consumer Discretionary sector outperforming (+2.20%) lead by autos (Tesla in particular: +4.75% at 658.0). Energy sector follows (+1.03%) as O&G outpaces equipment/services.
  • Laggers: Health Care sector (-0.43%) as bio-tech and pharmaceuticals lag.
  • Dow Industrials Leaders/Laggers: American Express (AXP) +4.4 at 160.01 while Home Depot (HD) bounces +3.93 at 291.85. Proctor Gamble (PG) -2.61 at 145.02, JNJ -1.48 at 179.92.
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