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Late Equity Roundup: Late Bounce

US STOCKS

Stocks bounced off midday lows, making modest gains after the FI close for an inside range session. SPX emini futures traded below 4000.0 to 3955.25 in late morning trade, angled higher after the London session close, ESM2 currently +29 points (0.73%) at 4015.5

  • Technicals for SPX eminis: Nevertheless, S&P E-Minis remain vulnerable following last week’s sharp reversal in ESM2 from 4303.00 (May 4 high) and Mon’s move lower that resulted in a breach of support at 4056.00 (May 2 low). A clear break of this support confirms a resumption of the underlying downtrend and opens 3958.00 next, a 2.0 Fibonacci projection.
  • On the upside, key resistance has been defined at 4303.50, the Apr 26/28 high.
  • Earnings after the bell include Roblox Corp (RBLX), Occidental Petroleum (OXY), Coinbase Global (COIN), Welltower (WELL), Callaway (ELY), Wynn Resorts (WYN) and Electronic Arts (EA).
  • SPX leading/lagging sectors: Information Technology outperformed late (+2.75%) followed by Communication Services (+1.93%), topping the Energy sector (+1.04%) that had been leading gainers in the first half.
  • Laggers: Real Estate sector continued to underperform (-1.71%) followed by Utilities (-1.32%) and Consumer Staples (-0.63%).
  • Meanwhile, Dow Industrials currently trades +19.24 points (0.06%) at 32258.67, Nasdaq +197.5 points (1.7%) at 11819.07.
  • Dow Industrials Leaders/Laggers: Microsoft (MSFT) continued to trade strong, gaining +7.15 at 271.73 folloiwed by Apple (AAPL) +4.16 at 156.22. Laggers: IBM traded weak late, -4.94 at 129.50, Home Depot (HD) remained weak -3.82 at 293.21.

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