Equity Roundup: Bid on Narrow Range

Stocks mildly higher in afternoon trade, Dow components outperforming (DJIA +101.67, 0.33%) vs. SPX and Nasdaq shares. SPX eminis currently trading +3 (0.08%) at 3860; Nasdaq +12.2 (0.1%) at 11385.44.

• Technicals: S&P E-Minis traded higher last week and price remains above recent lows. The outlook is unchanged and bearish, following the reversal from 3950.00, the Jun 28 high. 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, clearance of resistance at 3950.00 is required to reinstate a bullish theme. This would open the 50-day EMA, currently at 3980.07.
• SPX leading/lagging sectors: Materials (+0.79%), Financials (+0.76%) followed by Industrials and Communication Services both +0.66%. Laggers: Energy sector underperformed (-1.86%) with the drop in crude prices on the day (WTI -7.80 at 96.29) weighing on Hess, Occidental Petro, Valero, Diamondback shares. Health Care (-0.82% and Information Tech (-0.25%) followed.
• Dow Industrials Leaders/Laggers: Boeing (BA) +11.0 at 147.99, Goldman Sachs (GS) +4.3 at 297.48 followed by Honeywell (HON) +3.12 at 175.96. Laggers: Microsoft (MSFT) -7.65 at 256.85, Salesforc.com (CRM) -6.93 at 167.43, followed by Chevron (CVX) -2.57 at 138.94
• Reminder: Earnings season kicks off this week, with financials and banks the early focus. Just over 5% of the S&P 500 by market cap are due to report, with the releases in focus including JP Morgan, Morgan Stanley, BNY Mellon, BlackRock, Citigroup, State Street, UnitedHealth and Wells Fargo.