Equity Roundup: Energy Shares Drilled

Stock indexes continue to extend sell-off, SPX close to breaching mid-June low (3636.87) which would put focus on early Jan 2021 levels. Energy sector weighing heavily on indexes, Materials and Consumer Discretionary distant second and third underperformers. Currently, SPX eminis trade -82.5 (-2.19%) at 3689.75; DJIA -624.37 (-2.08%) at 29452.69; Nasdaq -237.5 (-2.1%) at 10829.91.

• S&P E-Minis have gone from weak to weaker, with the downside accelerating on the break of July support. Continued weakness here has confirmed a resumption of the bear cycle that started mid-August. The break lower strengthens bearish conditions and note that support at 3741.75, Jul 14 low, has been breached. This exposes critical support at 3657.00, Jun 17 low. On the upside, initial firm resistance has been defined at 3936.25, the Sep 20 high.
• SPX leading/lagging sectors: Health Care shares outperform Fri (-1.56%) lead by pharmaceuticals and biotech for second consecutive session, next up: Real Estate (-1.59%) and Information Technology sectors (-1.93%). Laggers: Energy sector hammered (-7.26%) lead by oil shares as crude levels fell (WTI -5.17 at 78.33 - appr Jan'21 lows): Marathon (MRO) -10.98%, Halliburton (HAL) -10.10%, Schlumberger (SLB) -9.84%. Materials (-3.14%), Consumer Discretionary (-2.72%) follow.
• Dow Industrials Leaders/Laggers: Verizon (VZ) -0.66 at 39.27, Cisco (CSCO) -0.68 at 40.47, JNJ -0.73 at 165.45. Laggers: Goldman Sachs (GS) -14.42 at 298.50, United Health (UNH) -9.97 at 507.49, Chevron (CVX) -9.45 at 145.44.