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Equity Roundup: Back to Two-Week Highs, Bank Shares Gaining

US STOCKS

Stock trading higher, SPX eminis back to June 13 levels, ESU2 currently at 3892.0 (+92.25) vs. post FOMC low of 3649.00. DJIA +632.68 (2.06%) at 31303.9; Nasdaq +267 (2.4%) at 11497.79.

  • Risk-on logic as far as it goes -- that while recession cares and near term rate hikes remain, Stocks are gaining as second month of weak PMI data is tempering rate hike expectations by year end with some models looking for rate cuts by first half of 2023.
  • Technicals: Despite the bounce, bearish threat in S&P E-Minis remains present, short-term gains are considered corrective. Moving average studies are in a bear mode condition and recent fresh cycle lows point to a continuation of the trend; focus is on 3600.00 next, and below.
  • Initial upside resistance is at 3843.00, the Jun 15 high. The next firm resistance is seen at 3893.38, the 20-day EMA. A break would signal scope for a stronger short-term recovery.
  • SPX leading/lagging sectors: Financials gaining after US Banks passed 2022 Fed Stress Tests late Thu, bank shares +3.44%. Next up: Materials, Industrials and Communication Services all clustered around +3.13%. Laggers: Health Care as midweek support wanes (+0.95%) followed by Consumer Staples (+1.27%) and Utilities (+1.49%).
  • Dow Industrials Leaders/Laggers: Bank shares strong as noted, Goldman Sachs (GS) +16.42 at 302.59, while Visa (V) +7.02 at 203.66; SalesForce (CRM) +10.89 at 183.94 and Home Depot (HD) +7.50 at 282.92. Laggers: stronger all week, United Health (UNH) -7.67 at 492.14 after annc purchase of UK health care group EMIS earlier in week.
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Stock trading higher, SPX eminis back to June 13 levels, ESU2 currently at 3892.0 (+92.25) vs. post FOMC low of 3649.00. DJIA +632.68 (2.06%) at 31303.9; Nasdaq +267 (2.4%) at 11497.79.

  • Risk-on logic as far as it goes -- that while recession cares and near term rate hikes remain, Stocks are gaining as second month of weak PMI data is tempering rate hike expectations by year end with some models looking for rate cuts by first half of 2023.
  • Technicals: Despite the bounce, bearish threat in S&P E-Minis remains present, short-term gains are considered corrective. Moving average studies are in a bear mode condition and recent fresh cycle lows point to a continuation of the trend; focus is on 3600.00 next, and below.
  • Initial upside resistance is at 3843.00, the Jun 15 high. The next firm resistance is seen at 3893.38, the 20-day EMA. A break would signal scope for a stronger short-term recovery.
  • SPX leading/lagging sectors: Financials gaining after US Banks passed 2022 Fed Stress Tests late Thu, bank shares +3.44%. Next up: Materials, Industrials and Communication Services all clustered around +3.13%. Laggers: Health Care as midweek support wanes (+0.95%) followed by Consumer Staples (+1.27%) and Utilities (+1.49%).
  • Dow Industrials Leaders/Laggers: Bank shares strong as noted, Goldman Sachs (GS) +16.42 at 302.59, while Visa (V) +7.02 at 203.66; SalesForce (CRM) +10.89 at 183.94 and Home Depot (HD) +7.50 at 282.92. Laggers: stronger all week, United Health (UNH) -7.67 at 492.14 after annc purchase of UK health care group EMIS earlier in week.