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Equity Roundup: Well Off Lows, Month-End Rebalancing Eyed

US STOCKS

While risk-off support for US rates continues, major stock indexes continue to rebound from mid-morning session lows with month/half-yr end rebalancing on traders minds: SPX eminis trading -8.5 (-0.22%) at 3812.25 vs. 3741.75 low; DJIA -116.88 (-0.38%) at 30909.03; Nasdaq -56.4 (-0.5%) at 11120.44.

  • Technicals: S&P E-Minis extended this week’s bearish cycle and the pullback from Tuesday’s high of 3950.00. The next support lies at 3735.00, the Jun 23 low. A breach of this level would expose key support at 3639.00, the Jun 17 low.
  • On the upside, a breach of resistance at 3950.00 is required to reinstate a bullish theme. This would open the 50-day EMA, currently at 4020.77.
  • SPX leading/lagging sectors: Utilities outperform (+1.40%) followed by a rebound in Real Estate (+0.65%) and Industrials (+0.37%). Laggers: After making strong gains Mon-Tue, Energy sector (-1.19%) continues to trade weaker w/ Crude (WTI -2.08 at 107.70), Exxon, Marathon, Hess, Phillips 66 all weaker; next up: Consumer Discretionary (-0.87%) with retailing and autos lagging, followed by Materials (-0.72%).
  • Dow Industrials Leaders/Laggers: Travelers Insurance (TRV) +2.64 at 168.44, Home Depot (HD) +2.05 at 275.92 followed by IBM +1.34 at 142.05. Laggers: Salesforce (CRM) -5.58 at 165.13, Goldman Sachs (GS) -3.78 at 299.50, Caterpillar (CAT) -2.26 at 181.22 and Boeing (BA) -1.84 at 136.61.
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While risk-off support for US rates continues, major stock indexes continue to rebound from mid-morning session lows with month/half-yr end rebalancing on traders minds: SPX eminis trading -8.5 (-0.22%) at 3812.25 vs. 3741.75 low; DJIA -116.88 (-0.38%) at 30909.03; Nasdaq -56.4 (-0.5%) at 11120.44.

  • Technicals: S&P E-Minis extended this week’s bearish cycle and the pullback from Tuesday’s high of 3950.00. The next support lies at 3735.00, the Jun 23 low. A breach of this level would expose key support at 3639.00, the Jun 17 low.
  • On the upside, a breach of resistance at 3950.00 is required to reinstate a bullish theme. This would open the 50-day EMA, currently at 4020.77.
  • SPX leading/lagging sectors: Utilities outperform (+1.40%) followed by a rebound in Real Estate (+0.65%) and Industrials (+0.37%). Laggers: After making strong gains Mon-Tue, Energy sector (-1.19%) continues to trade weaker w/ Crude (WTI -2.08 at 107.70), Exxon, Marathon, Hess, Phillips 66 all weaker; next up: Consumer Discretionary (-0.87%) with retailing and autos lagging, followed by Materials (-0.72%).
  • Dow Industrials Leaders/Laggers: Travelers Insurance (TRV) +2.64 at 168.44, Home Depot (HD) +2.05 at 275.92 followed by IBM +1.34 at 142.05. Laggers: Salesforce (CRM) -5.58 at 165.13, Goldman Sachs (GS) -3.78 at 299.50, Caterpillar (CAT) -2.26 at 181.22 and Boeing (BA) -1.84 at 136.61.