Equity 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.