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Equity Roundup: Energy Sector Retraces

US STOCKS

Major indexes have see-sawed back to mildly higher levels ahead midday - still an inside range for SPX eminis trading +2.5 (0.07%) at 3828; DJIA +107.84 (0.35%) at 31055.83; Nasdaq 8.5 (0.1%) at 11190.75.

  • Technicals: S&P E-Minis maintains a positive short-term tone despite yesterday’s move lower. The contract traded higher last Friday to confirm an extension of the current bullish cycle. Price traded above the 20-day EMA and this opens the 50-day EMA, currently at 4028.87.
  • That said, 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: Health Care sector modestly outperforming (+0.65%) lead by equipment mfgs, pharmaceuticals and biotech. Consumer Staples (+0.53%) and Information Technology (+0.17%) follow. Laggers: After making strong gains Mon-Tue, Energy sector retraces with Crude reversing course (-3.15%), Exxon, Chevron, Conoco Phillips, Occidental all weaker. Followed by Materials (-1.53%) and Industrials (-1.11%).
  • Dow Industrials Leaders/Laggers: Goldman Sachs (GS) +4.62 at 304.11, McDonalds (MCD) +4.39 at 247.22, Microsoft (MSFT) +4.13 at 260.62. Laggers: Caterpillar (CAT) -4.56 at 182.88, Boeing (BA) -3.69 at 135.03 and Chevron (CVX) -3.28 at 146.66.
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