Equity Roundup: Off O/N Lows, Consumer Discretionary Outperforms

Stock indexes trading off lows, Dow still weaker while SPX and Nasdaq trade steady/firmer lead by Consumer Discretionary and Information Technology sectors on the open. Currently, SPX eminis trade steady at 3708.75; DJIA -62.1 (-0.21%) at 29524.64; Nasdaq +71.6 (0.7%) at 10938.76.

• S&P E-Minis trend conditions remain bearish following last week’s extension lower - the trend has accelerated following the break of the July support. The break lower strengthens bearish conditions and attention is on key support at 3657.00, Jun 17 low and an important medium-term bear trigger. A break would confirm a resumption of the bear trigger. On the upside, initial firm resistance has been defined at 3936.25, the Sep 20 high.
• SPX leading/lagging sectors: Consumer Discretionary (+0.80%) lead by retailing and auto maker shares, followed by modest rebound in Information Technology (+0.65%) and Communication Services (+0.18%). Laggers: Real Estate (-1.82%) and Energy (-1.48%) sectors continue to underperform, the latter hammered -7.26% last Fri lead by oil shares as crude levels fell (WTI -5.17 at 78.33 - appr Jan'21 lows). Utilities follow (-1.08%).
• Dow Industrials Leaders/Laggers: Salesforce.Com (CRM) +2.04 at 149.05, Amgen (AMGN) +0.92 at 227.89, Honeywell (HON) +0.44 at 171.82. Laggers: United Health (UNH) --11.13 at 502.48, JNJ -1.0 at 165.72, Chevron (CVX) -0.98 at 143.87.