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Equity Roundup: Energy Sector Buoys SPX

US STOCKS

Stock indexes mixed ahead midday, strong Energy sector helping SPX stave off weaker Health Care, Real Estate and Utilities sectors., Nasdaq outpacing DJIA.

Currently, SPX eminis trade -8.25 (-0.2%) at 4133.5; DJIA -151.91 (-0.46%) at 32911.49; Nasdaq +4.6 (0%) at 12386.1.

  • Technicals: A corrective cycle remains in play in the S&P E-Minis contract, signaling scope for a deeper pullback near-term. This is allowing an overbought reading in momentum studies to unwind. The 20-day EMA has been breached and attention turns to the 50-day EMA, at 4080.86. Key resistance and the bull trigger is at 4327.50, the Aug 16 high. Initial resistance is at 4221.50, Monday’s high.
  • Notable earnings annc's yet this week: Salesforce.com (CRM $1.028 est and Nvidia (NVDA) $0.532 est late Wednesday, Dell late Thursday $1.636 est.
  • SPX leading/lagging sectors: As noted Energy sector continues to outperform (+3.79%) buoyed by Haliburton (HAL) +7.91%, Occidental (OXY) +7.33%, Marathon (MRO) +6.09%, Schlumberger (SLB) +6.47% and Diamondback Energy (FANG) +5.15%. Materials (+0.74) and Consumer Discretionary follow (+0.31%). Laggers: Health Care (--1.34%) weighed by Medtronics (MDT) -3.36%, Real Estate (-1.27%) and Utilities (-0.68%).
  • Dow Industrials Leaders/Laggers: Caterpillar (CAT) +5.07 at 196.83, Chevron (CVX) +4.70 at 161.60 and Boeing (BA) +1.35 at 160.33. Laggers: United Health (UNH) -8.57 at 536.00, Home Depot (HD) -5.84 at 306.41 and Amgen (AMGN) -3.12 at 243.78.
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