EQUITY TECHS: E-MINI S&P: (U5) Corrective Pullback Extends
Aug-06 15:21
- RES 4: 6523.63 1.764 proj of the May 23 - Jun 11 - 23 price swing
- RES 3: 6500.00 Round number resistance
- RES 2: 6477.31 1.618 proj of the May 23 - Jun 11 - 23 price swing
- RES 1: 6468.50 High Jul 31 and the bull trigger
- PRICE: 6358.00 @ 16:20 BST Aug 6
- SUP 1: 6244.36 2.0% 10-dma Envelope
- SUP 2: 6239.50 Low Aug 1
- SUP 3: 6213.75 50% retracement of Jun - Aug Upleg
- SUP 4: 6203.65 50-day EMA
Equities sold off sharply Friday on the back of the soft NFP print - pushing prices through mid-July lows in the process. Since that spell of weakness, price has traded either side of support at the 20-day EMA, at 6325.25, signalling scope for a deeper retracement toward the 50-day EMA at 6203.65. Clearance of this average is required to signal a stronger reversal. The primary trend remains up, leaving key short-term resistance and the bull trigger at 6468.50, the Jul 31 high.
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US STOCKS: Early Equities Roundup: Lower, Consumer Discretionary, IT Weighing
Jul-07 15:20
- Stocks are drifting in moderately weaker territory as markets return from the extended 4th of July holiday weekend, major averages extending lows by midmorning Monday. Details on trade negotiations remain fuzzy while US trade officials kicked the can on this Wednesday's deal deadline to August 1 to give countries more time to discuss/comply.
- Pres Trump warned any country in the BRICS bloc (10 countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates) that align with "ant-American policies" will face an additional 10% tariff.
- Currently, the DJIA trades down 279.4 points (-0.62%) at 44544.65, S&P E-Minis down 35.5 points (-0.56%) at 6288.75, Nasdaq down 142.8 points (-0.7%) at 20457.99.
- Consumer Discretionary and Information Technology sectors underperformed in the first half, laggers included Tesla -7.06% (after Musk announced a new political party, the American Party, not to mention a couple downgrades), Lululemon Athletica -3.36%, Chipotle Mexican Grill -2.82%, CarMax -1.98% and Mohawk Industries -1.88%.
- Semiconductor and hardware makers weighed on the IT sector in the first half: Super Micro Computer -3.04%, First Solar -2.96%, Advanced Micro Devices -2.31%, Micron Technology -2.07% and QUALCOMM -2.07%
- Meanwhile, Utilities and Industrials sectors outperformed, NRG Energy +1.08%, Public Service Enterprise +1.01%, Alliant Energy +0.54%, CenterPoint Energy and Atmos Energy both +0.35% buoyed the Utility sector, while leading gainers in the Industrials sector were led by: Uber Technologies +3.35%, GE Vernova +1.91%, Huntington Ingalls Industries +1.43%, Lockheed Martin +1.40%, Jacobs Solutions and Northrop Grumman both +0.82%.
FED: US TSY 26W AUCTION: NON-COMP BIDS $1.821 BLN FROM $73.000 BLN TOTAL
Jul-07 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.821 BLN FROM $73.000 BLN TOTAL
FED: US TSY 13W AUCTION: NON-COMP BIDS $1.996 BLN FROM $82.000 BLN TOTAL
Jul-07 15:15
- US TSY 13W AUCTION: NON-COMP BIDS $1.996 BLN FROM $82.000 BLN TOTAL
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