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Equity Roundup: Bull Cycle Continues, Energy Shares Strong

US STOCKS

Stocks trading firmer, scaling back from midday highs. Currently, SPX eminis trade +45.5 (1.12%) at 4120.25; DJIA +214.17 (0.66%) at 32749.72; Nasdaq +159.3 (1.3%) at 12324.43. Stocks gained with rates after MNI's Chicago Business BarometerTM indicator fell 3.9-points to 52.1, the lowest level since August 2020.

  • SPX technicals: S&P E-Minis continue to extend Wed's climb that resulted in a breach of 4016.25, the Jul 22 high. The break higher confirms a resumption of the current bull cycle and signals potential for a climb towards 4145.75, the Jun 9 high.
  • The next key resistance is at 4204.75, the May 31 high. Initial support has been defined at 3913.25, the Jul 26 low. A break would highlight a possible early bearish reversal signal.
  • SPX leading/lagging sectors: With West Texas crude flirting with $100.0 again, Energy sector outperforming (+3.93%) lead by Chevron (CVX) +8.19%, Exxon (XOM) +4.13% (both beat earnings ests this morning: CVX $5.82 vs. $4.965 est, XOM $4.14 vs. $3.975 est.
  • Consumer Discretionary (+3.55%) lead by internet/direct marketing shares: Amazon +10.76% despite missing earnings est of $0.15 at $0.10. Laggers: Communication Staples (-0.70%), Health Care (-0.52%) and Communication Services (-0.35%)
  • Dow Industrials Leaders/Laggers: Caterpillar (CAT) +8.04 at 195.88, Apple (AAPL) +4.93 at 162.29. Laggers: Proctor and Gamble (PG) -7.31 at 140.75, Intel (INTC) -3.55 at 36.16.
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