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Late Equity Roundup: Stronger But Off Highs


Stock indexes traded firm late Friday but off midday highs amid two-way position squaring flow, otherwise no obvious headline driver ahead the weekend. SPX emini futures currently +63.25 (1.61%) at 3991 vs. 4034.75H, Dow Industrials +235.79 (0.74%) at 31967.04, Nasdaq +341.9 (3%) at 11714.33.

  • Despite the decent rebound S&P eminis remain vulnerable and short-term gains are considered corrective. This week’s continuation lower and fresh cycle lows, reinforces the primary bearish trend condition and signals scope for a continuation lower.
  • The next objective is 3843.25, the Mar 25 2021 low (cont). In terms of resistance, the key short-term level is at 4303.50, the Apr 26/28 high. On the flipside, Initial resistance is at 4099.00, the May 9 high.
  • Though earning cycle has nearly run it's course, some big names remain for next wk: Home Depot and Walmart early Tuesday, Target early Wed; tech names: Applied Materials and Cisco Wed and Thu respectively.
  • SPX leading/lagging sectors: Consumer Discretionary (+3.09%) as autos surge, Energy sector (+3.07%) with rebound in crude, Information Technology trimmed gains but still strong (+2.66%) with semiconductor and hardware makers outpacing software.
  • Laggers: Utilities (+0.46%), Consumer Staples and Health Care (+0.69%).
  • Dow Industrials Leaders/Laggers: Goldman Sachs (GS) +5.85 at 305.26, Salesforce (CRM) +5.10 at 165.52, American Express (AXP) +4.86 at 158.13 and Visa (V) +4.78 at 198.75. Biopharmas lagging: Amgen (AMGN) -2.74 at 241.98, JNJ -1.45 at 176.42.

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