US STOCKS: Late Equities Roundup: DJIA Leading Leading Second Half Bid
Sep-26 18:49
- Major US equity indexes are drifting higher again late Friday, nearing early session highs after this morning's relatively stable PCE inflation data buoyed risk appetites. Still off record highs from earlier in the week, the DJIA currently trades up 365.7 points (0.8%) at 46314.7, S&P E-Minis up 37 points (0.56%) at 6697.5, Nasdaq up 87.9 points (0.4%) at 22473.63.
- A mix of auto, food and travel related stocks supported the Consumer Discretionary sector in the second half: Domino's Pizza +4.20%, Tesla +3.51%, Ford Motor +3.44%, MGM Resorts Int +3.31% and Expedia Group +2.60%.
- Support for Energy sector shares eased as crude prices moved off highs (WTI +.70 at 65.68 vs. 66.40 high). Support for oil and gas stocks as geopolitical tensions rose after Russian military jets entered neighboring countries airspace: Devon Energy +2.82%, Schlumberger +2.63%, Halliburton +2.07% and Diamondback Energy +2.02%.
- Information Technology and Consumer Staples sector shares continued to underperform in late trade, semiconductor and hardware makers leading the decline in Tech after strong early week gains: Oracle Corp -2.26%, Seagate Technology -1.52%, Super Micro Computer -1.49% and Advanced Micro Devices -1.35%.
- There were some notable gainers in IT, however: Intel Corp +5.96%, CDW Corp +4.73% and AppLovin Corp +4.17%.
- Meanwhile, broadline retailers weighed on the Consumer Staples sector: Costco Wholesale -2.64%, Archer-Daniels-Midland -1.64%, Dollar General -0.99% and Keurig Dr Pepper -0.93%.
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USDJPY TECHS: In A Range
Aug-27 18:30
- RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
- RES 3: 150.92 High Aug 1 and a key resistance
- RES 2: 149.81 76.4% retracement of the Aug 1 - 14 bear leg
- RES 1: 148.78/149.12 High Aug 22 / 61.8% of the Aug 1 - 14 bear leg
- PRICE: 147.86 @ 15:58 BST Aug 27
- SUP 1: 146.21 Low Aug 14
- SUP 2: 145.86 Low Jul 24
- SUP 3: 145.40 50% retracement of the Apr - Aug upleg
- SUP 4: 144.91 Trendline drawn from the Apr 22 low
USDJPY is trading inside a range and a bear threat remains present. The short-term bear trigger has been defined at 146.21, the Aug 14 low. Clearance of this level would resume a downtrend and pave the way for an extension towards 145.40, a Fibonacci retracement. For bulls, a resumption of gains would instead open 149.12, 61.8% of the Aug 1 - 14 bear leg. Key resistance is far off at 150.92, the Aug 1 high.
US TSY FUTURES: BLOCK: Dec'25 5Y Sale
Aug-27 18:25
- -5,000 FVZ5 109-14, sell through 109-14.25 post time bid at 1418:10ET, DV01 $223,000.
- The 5Y contract trades 109-14 last (+4.25)
COMMODITIES: Crude Finds Support, Gold Unchanged, Copper Declines
Aug-27 18:18
- Oil prices found support on Wednesday, supported by a slightly larger than expected US crude stock draw.
- A breakdown in E3 talks with Iran also added support earlier in the session, along with growing threats from the EU to further sanctions on Russia – though its options remain limited.
- WTI Oct 25 is up by 1.4% at $64.2/bbl.
- A bear cycle in WTI futures remains intact and the latest round of short-term gains appear corrective - for now.
- Initial support is at $61.99, the Jun 30 low, which has recently been breached, strengthening a bearish theme. Initial resistance to watch is at $66.56, the Aug 4 high.
- Elsewhere, spot gold is broadly unchanged on the session around $3,395/oz, after rallying off session lows following the IAEA-Iran headlines that flagged that monitors have not yet returned to damaged Iranian sites. Reports also suggested that Iran isn’t providing adequate access to inspectors.
- The medium-term trend condition for gold remains bullish, with initial resistance seen at $3,409.2, the Aug 8 high, followed by $3,439.0, the Aug 23 high.
- Meanwhile, copper has fallen by 0.9% to $449/lb today.
- Copper futures are in consolidation mode, with initial resistance at $488.17, the 50-day EMA. On the downside, a continuation lower would signal scope for a test of key support at $418.85, the Apr 7 low.
