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Reversing Gains

US STOCKS
  • Stocks have reversed modest gains last few minutes, trading desk citing comments from Fed Chairman Powell on second day of policy testimony to Congress. Particularly: POWELL: FED VERY AWARE, CONCERNED ABOUT COMMERCIAL REAL ESTATE and talk of raising capital requirements for large banks to 20%. Otherwise, prepared remarks same as Wednesday's testimony.
  • Near lows for the week (but not far off last Friday's highs) S&P E-Mini futures trading down 4 points (-0.09%) at 4404.5, DJIA down 62.71 points (-0.18%) at 33886.86, Nasdaq up 36 points (0.3%) at 13536.44.
  • Leading gainers: Consumer Discretionary and Consumer Staples outperforming, the former buoyed by Amazon +3% earlier. Laggers: Real Estate and Energy sector shares, the latter weighed down by oil refiners/distributors with crude prices lower at the moment (WTI -2.06 at 70.44).
  • Despite today's dip, a 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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