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Equity Roundup: SPX +4.8% on Week, Tech/Autos Strong


Stocks trading firmer, inching off near recent midmorning highs (ESM2 4126.0) carry-over support after May minutes showed no discussion of larger rate hikes. SPX emini futures currently +60.25 (1.49%) at 4115.5 -- makes it +4.84% for the week.

  • Technicals for SPX emini: Above key resistance, ESM2 through 20-day EMA of 4047.83 as well as May 9 high of 4099.0 w/ focus on 4191.98 50-day EMA.
  • Clearance of this hurdle will strengthen bullish conditions. Otherwise, the broader trend remains down though. The bear trigger is unchanged at 3807.50, May 20 low.
  • SPX leading/lagging sectors: Information Technology sector leads (+2.41%) as hardware and semiconductor share gain for second day. Consumer Discretionary sector remains strong (+2.14%) again lead by autos (Tesla +5.47% at 746.45). Laggers: Financials and Energy sectors both +0.82, midweek gains in bank shares starting to wane.
  • DJIA +252.82 (0.77%) at 32891.37; Nasdaq +246.7 (2.1%) at 11987.67.
  • Dow Industrials Leaders/Laggers: Microsoft (MSFT) +5.14 at 271.04, Apple (AAPL) +3.41 at 147.63 and Boeing (BA) +3.37 at 131.10. Laggers: United Health Care (UNH) -4.62 at 497.61, Salesforce (CRM) -.88 at 161.58, Home Depot (HD) steady at 302.81.

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