US STOCKS: Equity Roundup: SPX Trough 50D EMA Resistance, Mid-Feb Levels
Mar-18 16:46
Stock indexes bouncing, mostly higher with SPX emini +20.5 (0.47%) at 4422.5, while Dow trades - 3.52 (-0.01%) at 34478.02, and Nasdaq +177.4 points (1.3%) at 13793.17.
- Irrespective of hawkish Fed-speak from Bullard and Waller earlier weighing on short end rates (bonds well bid but off highs) and geopolitical events (Biden/Xi call, Putin arena rally on Crimea Spring) that haven't generated much of a market reaction.
- Trading desks citing various factors for support: triple witching expiration buying/squaring, and technical support as SPX eminis trade through first resistance 50D EMA of 4410.0 at 4420.0. Breach opens next key resistance of 4446.25, the 200-dma followed by February highs of 4476.50.
- SPX leading/lagging sectors: Information Technology rebounds (+1.16%) with Semiconductor sector (+2.21%) outpacing Hardware makers (+1.12%) and Software/Service (+0.89%); Consumer Discretionary (+.98) driven by Auto makers. Laggers: Utilities (-0.88%) and Industrials (-0.46%).
- Dow Industrials Leaders/Laggers: Salesforce.com (CRM) +4.34 at 214.75 and NIKE (NKE) +2.69 at 130.10. Laggers: Travelers (TRV) insurance -3.09 at 177.94; United Health (UNH) back under pressure again -3.09 at 177.94.
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US STOCKS: Equity Roundup
Feb-16 16:24
Stocks trading moderately weaker, near midmorning lows after some early session volatility on data, geopol headlines. Focus turns to Jan FOMC minutes at 1400ET.
Knee-jerk risk-on after flood of decent early data: better than expected Retail Sales helped by large seasonal adjustment, IP beat underpinned by utility surge though capacity still constrained.
- Strong risk off/risk-on unwind partially tied to Russia/Ukraine tensions -- observers not seeing any sign of troop pullback -- same concern expressed by NATO head Stoltenberg early Tuesday that there is "no concrete sign of de-escalation".
- SPX eminis trading -0.60% at 4437.5 (-27.0.); Dow Industrials -209, NASDAQ -140.0. SPX lagging sectors:
- Information Technology -1.22%
- Communication Services -1.05%
- Health Care -0.57%
- Technicals: S&P E-minis remains vulnerable despite Tuesday's gains. The contract recently failed to hold above the 50-day EMA - at 4549.15.
- This average represents a firm resistance and a clear break would suggest scope for a stronger rally towards 4671.75 initially, Jan 18 high.
- The Feb 10 candle pattern is a bearish engulfing reversal, signaling a potential top and the recent move lower reinforces the pattern. This has exposed 4212.75.
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