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Free AccessEquity Roundup: Extending Sell-Off
Stocks reversed early gains following weaker data (June Consumer Confidence of 98.7 vs. 100.0 est while Richmond Fed Index much weaker than expected at -19 vs -7 est) extending lows at the moment: SPX eminis -24 (-0.61%) at 3879.25; DJIA -91.19 (-0.29%) at 31342.42; Nasdaq -151.1 (-1.3%) at 11372.23.
- Technicals: Despite the reversal, S&P E-Minis maintain a positive short-term tone. The contract traded higher Friday to confirm an extension of the current bullish cycle. Price has traded above the 20-day EMA and this signals scope for an extension towards the 50-day EMA, currently at 4037.17.
- The primary trend direction remains down though and a reversal lower would signal the end of the correction. This would also refocus attention on the bear trigger at 3639.00, the Jun 17 low.
- SPX leading/lagging sectors: Energy sector continues to outperform (+2.80%) lead by Occidental Petro (OXY) +5.33%, Mathon Oil (MRO) +5.28%, Diamondback Energy (FANG) +4.71%; Utilities up next (+0.61%) followed by Materials (+0.28%). Laggers: Consumer Discretionary (-1.87%) with retailers and consumer durables lagging weaker autos, followed by Information Technology (-1.40%) and Communication Services (-0.96%).
- Dow Industrials Leaders/Laggers: United Health (UNH) extends multi-session rally +9.69.50 to 515.35; Caterpillar (CAT) rebounds +4.15 at 191.74, as does Boeing (BA) +3.58 at 142.30. Laggers: Home Depot (HD) -6.41 at 276.28, Nike (NKE) -4.62 at 105.88 followed by another weaker session for Salesforce Inc (CRM) -3.98 at 177.32.
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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.