Free Trial

Equity Roundup: Bouncing, Energy Sector Leads

US STOCKS
Stocks rebounded off session lows into the London close, major indexes hovering around steady at midday w/ SPX emini futures ESM2 at 4120.5. E-Minis continue to trade inside its recent range and the current consolidation appears to be a bull flag. If correct, this reinforces short-term bullish conditions.
  • Attention is on the 50-day EMA, at 4178.95 today. A clear break of this average would strengthen a bullish outlook and open 4303.50, the Apr 26/28 high. Gains are still considered corrective and the primary trend direction is down. First support to watch is 3960.50, May 26 low.
  • SPX leading/lagging sectors: Energy sector outperforming (+1.89%) lead by O&G shares, followed by Information Technology (+0.19) and Health Care (+0.13%). Laggers: Consumer Discretionary (-1.33%) with retailers, particularly internet and direct marketing shares weaker: Etsy -3.20% at 81.15, Amazon -2.28% at 121.94, Ebay -1.67% at 46.86.
  • DJIA -43.38 (-0.13%) at 32872.42; Nasdaq -1.9 (0%) at 12059.24.
  • Dow Industrials Leaders/Laggers: While online retailers trade weaker, cloud-based software company Salesforce.com gains +4.01 at 186.88. Chevron bid (CVX) +2.59 at 179.42 after trading weaker Mon. Laggers: Home Depot (HD) -5.93 at 297.96, Walmart (WMT) -2.55 at 122.32.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.