Stock indexes trading weaker, SPX focus on 3600.00 -- round number support as mkts reverse Wed's rally, Consumer Discretionary, Utilities and IT underperforming. Currently, SPX eminis trade -85 (-2.28%) at 3647.25; DJIA -521.82 (-1.76%) at 29165.26; Nasdaq -343.8 (-3.1%) at 10708.85.
- S&P E-Minis trend conditions remain bearish following last week’s extension lower and the bearish follow through this week. Short-term gains are considered corrective. The move lower strengthens bearish conditions and attention is on key support at 3657.00, the Jun 17 low. This support has been pierced. A clear break would confirm a resumption of the broader downtrend and opens 3600.00 next.
- SPX leading/lagging sectors: Energy sector (-0.3%), Health Care (-1.0) and Financials (-1.49%). Laggers: As noted, Consumer Discretionary (-3.61%) weighed by auto and component shares, Utilities (-3.4%) and Information Technology (-3.0%) as hardware and semiconductor shares underperform software makers.
- Dow Industrials Leaders/Laggers: Visa (V) +1.30 at 180.48, Travelers (TRV) +1.16 at 154.08, Merck (MRK) +0.12 at 86.90. Laggers: carry over weakness for Apple (AAPL) -7.77 at 142.07 after they annd lower IPhone production on softer demand Wed, Boeing (BA) -7.31 at 126.13, United Health (UNH) -6.80 at 507.14.