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Late Roundup: Marking Late Session Highs

  • Stocks are extending modest session highs at the moment, Consumer Discretionary, Health Care and Consumer Staples sectors leading gainers most of the day. Trading desks noted strong performance of Amazon (+3%) in the lead-up to Prime Day (July 11-12).
  • After marking lows for the week earlier S&P E-Mini futures are currently trading up 9.75 points (0.22%) at 4419.25, DJIA down 4.01 points (-0.01%) at 33948.62, Nasdaq up 96.4 points (0.7%) at 13598.74.
  • Leading laggers: Energy sector shares underperforming with crude prices sharply lower (WTI -3.0 at 69.53) while Marathon Oil down -3.75%, APA -3.0, Devon Energy -2.65%. Real Estate shares continue to trade weak after Fed Chairman Powell comments over commercial real estate earlier, while bank shares weaker on talk of raising capital requirements for large banks (over $100B) by as much as 20%.
  • The bull theme in S&P E-minis remains intact, the week’s pullback appears to be corrective. This is allowing a recent overbought condition to unwind. Initial key support lies at the 20-day EMA which intersects at 4348.95. A break of this average would strengthen a short-term bearish theme and signal scope for a deeper pullback. On the upside, the bull trigger is 4493.75, the Jun 16 high. A break would open 4500.21, the top of a bull channel.

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