Equity Roundup: Firmer Lead By Energy, IT Shares

Stock indexes firmer but off early session highs. Currently, Energy and Information Technology sectors outperforming, SPX eminis trade +36.5 (0.89%) at 4121.75; DJIA +206.54 (0.64%) at 32355.96; Nasdaq +119.4 (1%) at 12231.16.

• Despite the bounce, S&P E-Minis trend condition trend condition remains bearish, while a short-term corrective cycle has unfolded following the recovery from last Wednesday’s low. Resistance at 4073.13, the 50-day EMA, has been cleared and this suggests potential for a stronger recovery towards 4175.47, a Fibonacci retracement. On the downside, a reversal lower would refocus attention on the key support and bear trigger at 3900.00.
  
• SPX leading/lagging sectors: As noted, Energy sector outperforming (+1.75%) lead by APA Corp +4.78%, Devon Energy (DVN) +3.39% and Hess Corp (HES) +3.35%; Information Technology shares follow (+1.25%) Apple (AAPL) +3.37% followed by an array of hardware makers. Laggers: Communication Services (+0.09%) Twitter weighing -1.87%, Consumer Staples (+0.42%) and Materials sectors (+0.48%).
• Dow Industrials Leaders/Laggers: United Health (UNH) +8.48 at 532.82, Chevron (CVX) +2.74 at 162.71, American Express (AXP) +2.72 at 161.16. Laggers: Amgen (AMGN) -9.02 at 238.67, Home Depot (HD) -0.73 at 299.04,m JNJ +0.05 at 165.74.