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Equity Roundup: Inside Range, Health Care Lagging

US STOCKS

Stock indexes holding inside narrow range by midday, posting mild gains with Health Care sector underperforming. Currently, SPX eminis trade +3 (0.08%) at 3892.75; DJIA +33 (0.11%) at 30853.46; Nasdaq +5.6 (0%) at 11452.77.

  • S&P E-Minis had traded lower today, extending the reversal from last Tuesday’s high of 4175.00. Price has recently cleared key short-term support at 3900.00, the Sep 7 low. This confirms a resumption of the bear cycle that started mid-August and paves the way for a move towards 3819.54, a Fibonacci retracement. Key short-term resistance has been defined at 4175.00, the Sep 13 high.
  • SPX leading/lagging sectors: Rebounding from Fri's lows, Materials (+0.78%) and Industrials sectors outperformed, the latter lead by transportation share, airlines outpacing air freight and logistics as well as road and rail. Laggers: As noted, Health Care underperforming (-1.28%) w/ pharmaceutical names weighing: Moderna MRNA) -9.65%; Real Estate (-0.78%) and Communication Services (-0.42%) follow.
  • Dow Industrials Leaders/Laggers: Home Depot (HD) +2.66 at 278.63, Apple (AAPL) +2.21 at 152.91, Nike (NKE) +1.76 at 105.88. Laggers: Microsoft (MSFT) -2.97 at 241.77, JNJ -2.09 at 165.51 and Merck (MRK) -1.47 at 86.25.
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