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Stocks Inch Higher Still, With Cyclicals Gaining Over Tech

EQUITIES
  • Wall Street was mixed after the slightly slower-than-expected core CPI release, with cyclicals outperforming tech, leading the e-mini S&P to trade at a new alltime high.
  • Weakness across tech names resulted in the NASDAQ being the sole index to trade lower, with semiconductors particularly weak.
  • The outlook for ES1 remains bullish as evidence of dip buying remains solid on intraday pullbacks. Recent gains have confirmed a resumption of the uptrend and signal scope for a continuation near-term. The sell-off Jul 14 - 19 resulted in a break of 4279.25, Jul 8 low. However the contract found support at the 50-day EMA - this EMA represents an important support and the bounce from it is bullish. The focus is on 4481.75 next, a Fibonacci projection. Key support is 4224.00, Jul 19 low.
  • European indices finished uniformly higher, with Italy's FTSE-MIB the outperformer to close with gains of 1%. Germany's DAX lagged slightly, but still finished with upside of 0.4% or so. Europe's industrials and energy sectors outperformed, countering the losses across tech, reflecting a similar divergence in US indices.
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