August 12, 2022 16:07 GMT
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Stocks firmer, near highs heading into midday, Information Technology and Communication sectors helping SPX eminis trade +39 (0.93%) at 4248.5; DJIA +233.77 (0.7%) at 33568.3; Nasdaq +153 (1.2%) at 12932.46. Modest buying outweighed sellers following deflationary data: Import (-1.4%)/Export (-13.3%) prices come out weaker than expected, UMich sentiment gains and mixed comments from Richmond Fed Barkin on CNBC.
- Technicals: Carry-over bid reinforces short-term bullish conditions and the extension maintains the positive price sequence of higher highs and higher lows. The focus is on 4272.35 next, a Fibonacci projection. On the downside, initial trend support is at 4080.50, the Aug 2 low. The 50-day EMA intersects at 4023.83 - a key support.
- SPX leading/lagging sectors: As noted, Information Technology sector +1.21%, lead by semiconductor and hardware makers, Communication Services +1.11% lead by Dish Network (DISH) +3.10% and Disney (DIS) +2.35% after midweek profit surge. Laggers: Energy (-0.42%), Consumer Staples (+0.42% and Industrials (+0.63%).
- Dow Industrials Leaders/Laggers: United Health (UNH) +8.72 at 541.58, Apple (AAPL) +2.46 at 170.95, McDonalds (MCD) + 2.40 at 261.68. Laggers: Chevron (CVX) -2.22 at 157.40, Johnson and Johnson (JNJ) -0.94 at 166.20, Visa (V) steady at 211.08.