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Late Equity Roundup: Modest Gains, Eying Amazon Online Sales Event

US STOCKS
  • Stocks are holding near midmorning highs, Nasdaq joing the bounce in the second half. Currently, DJIA is up 176.14 points (0.52%) at 33910.91, S&P E-Mini Future up 5.5 points (0.12%) at 4439.75, Nasdaq up 15.4 points (0.1%) at 13676.28.
  • Traders will be watching how well Amazon's Prime Day 48 hour sales event that kicks off Tuesday performs.
  • Leading gainers: Industrials, Health Care and and Energy sectors outperformed after midday. Commercial and professional services shares lead the former with Paycom Software +3.25%, ADP +2.4% and Paychex +2.25%. Energy shares quietly gained momentum in the second half, oil and gas outpacing energy equipment and services.
  • Laggers: Communication Services, Information Technology and Utilities underperformed, telecom services weighing on the former with Verizon -1.8%, ATT -1.7% and Fox Corp -0.85%.
  • The technical/bull theme in S&P E-minis bull theme remains intact and last week's pullback appears to be a correction - for now. Attention is on the first support 4411.98, the 20-day EMA. Clearance of this level would strengthen a bearish threat and expose 4368.50, the Jun 26 low and a key support.
  • The bull trigger is at 4498.00, the Jun 16 high. A clear breach of this level would confirm a resumption of the uptrend and open 4532.08, a Fibonacci projection.

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