US STOCKS: Equity Roundup: Off O/N Lows, Consumer Discretionary Outperforms
Stock indexes trading off lows, Dow still weaker while SPX and Nasdaq trade steady/firmer lead by Consumer Discretionary and Information Technology sectors on the open. Currently, SPX eminis trade steady at 3708.75; DJIA -62.1 (-0.21%) at 29524.64; Nasdaq +71.6 (0.7%) at 10938.76.
- S&P E-Minis trend conditions remain bearish following last week’s extension lower - the trend has accelerated following the break of the July support. The break lower strengthens bearish conditions and attention is on key support at 3657.00, Jun 17 low and an important medium-term bear trigger. A break would confirm a resumption of the bear trigger. On the upside, initial firm resistance has been defined at 3936.25, the Sep 20 high.
- SPX leading/lagging sectors: Consumer Discretionary (+0.80%) lead by retailing and auto maker shares, followed by modest rebound in Information Technology (+0.65%) and Communication Services (+0.18%). Laggers: Real Estate (-1.82%) and Energy (-1.48%) sectors continue to underperform, the latter hammered -7.26% last Fri lead by oil shares as crude levels fell (WTI -5.17 at 78.33 - appr Jan'21 lows). Utilities follow (-1.08%).
- Dow Industrials Leaders/Laggers: Salesforce.Com (CRM) +2.04 at 149.05, Amgen (AMGN) +0.92 at 227.89, Honeywell (HON) +0.44 at 171.82. Laggers: United Health (UNH) --11.13 at 502.48, JNJ -1.0 at 165.72, Chevron (CVX) -0.98 at 143.87.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
AUSSIE 10-YEAR TECHS: (U2) Outlook Deteriorating
- RES 3: 97.455 - High Mar 18
- RES 2: 97.185/275 - High Apr 5 / 200-dma
- RES 1: 97.040 - High Aug 03
- PRICE: 96.395 @ 15:51 BST Aug 26
- SUP 1: 96.275 - Low Aug 25
- SUP 2: 96.208 - 3.0% Lower Bollinger Band
- SUP 3: 95.663 - Low Jun 16
Aussie 10yr futures slipped further Thursday and have dipped below key support at 96.355, Jul 22 low. This weakens the bull cycle posted since mid-June, opening the gap with the 200-dma on the continuation contract, at 97.275. The bull trigger is 97.040, the Aug 3 high. On the downside, recent weakness suggests scope for a deeper retracement towards the mid-Jun low of 95.663.
US TSY FUTURES: BLOCK, Late Dec 2Y Buy
+5,000 TUZ2 104-09.62, buy through 104-09.38 post-time offer at 1549:16ET
USDCAD TECHS: Still Trading Below Tuesday’s High
- RES 4: 1.3224 High Jul 14 and key resistance
- RES 3: 1.3135 High Jul 15
- RES 2: 1.3107 76.4% retracement of the Jul 14 - Aug 11 downleg
- RES 1: 1.3063 High Aug 23
- PRICE: 1.2998 @ 16:37 BST Aug 26
- SUP 1: 1.2887 50-day EMA values
- SUP 2: 1.2828/2764 Low Aug 17 / 200-dma
- SUP 3: 1.2728 Low Aug 11 and key support
- SUP 4: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
USDCAD rallied into the Friday close having found support at the Thursday low, however, the pair remains below Tuesday’s 1.3063 short-term trend high. Near-term trend conditions still appear bullish following the recent strong recovery from 1.2728, the Aug 17 low. A resumption of gains and a break of 1.3063 would open 1.3107 next, a Fibonacci retracement. Note that MA studies are in a bull mode condition, highlighting an uptrend. Initial firm support is at 1.2887, the 50-day EMA.
