US STOCKS: Late Equity Roundup: Extends Session Lows After Brief Month-End Bid
Stocks had climbed higher on good month-end buying in late trade (SPX eminis tapped 4582.25) before selling off/extending session lows after the FI close: ESM2 around 4557.5 puts it near the middle of the week's range and well above initial firm support is at 4437.23, the 50-day EMA.
- Dow currently trades -129.34 points (-0.37%) at 35097.18, and Nasdaq -6.3 (0%) at 14434.68.
- SPX leading/lagging sectors: Utilities sector lead fading but still outperforming for a second consecutive session (+0.10%), underpinned by independent power/renewable electricity producers. Next best performer: Consumer Staples (+0.00%) with food/beverage countering weaker household/personal products. Laggers: Financials underperform late (-1.80%) lead by large global banks and diversified financials.
- Dow Industrials Leaders/Laggers: Caterpillar (CAT) climbs late +1.28 at 224.36, while support for Amgen (AMGN) cools: +0.54 at 243.11. Home Depot continues to underperform, -9.04 at 299.42 while United Health (UNH) recedes -6.86 at 513.96.
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USDJPY TECHS: Trend Conditions Remain Bullish
- RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
- RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
- RES 2: 116.34/35 High Feb 10 / High Jan 4 and the bull trigger
- RES 1: 115.87 High Feb 15
- PRICE: 114.87 @ 17:15 GMT Mar 1
- SUP 1: 114.41 Low Feb 24
- SUP 2: 114.16 Low Feb 02
- SUP 3: 113.47 Low Jan 24 and key support
- SUP 4: 113.14 Low Dec 17
USDJPY is consolidating and trading above the Feb 24 low of 114.41. A key support at 114.16 remains intact, the Feb 2 low. The underlying trend condition is bullish highlighted by a positive moving average set-up. A resumption of gains would refocus attention on the 116.34/35 key resistance. For bears, weakness below 114.41 and more importantly 114.16, would highlight a bearish threat and expose 113.47, Jan 24 low.
US STOCKS: Equity Roundup: Near Late Session Lows
Risk-off theme continues, stocks testing session lows, Rates near highs in late trade.
Recent headlines contributing to the tone:
- STOXX TO REMOVE 61 RUSSIAN COMPANIES FROM INDICES: FT
- EU ENVOYS APPROVE LIST OF 7 RUSSIAN BANKS TO BE CUT OFF SWIFT
- Earlier draft list of seven banks: VTB Bank PJSC and Bank Rossiya Bank Otkritie, Novikombank, Promsvyazbank PJSC, Sovcombank PJSC and VEB.RF.
- Knock-on pressure for Large US Banks: JP Morgan (-5.55% to 133.94, -7.90), Goldman Sachs (-3.82% to 328.10, -13.02), Bank of America (-4.92% to 42.03, -2.17). American Express (-7.49% to 179.86, -14.38)
- Airlines: Boeing (-5.24% to 194.59, -10.76); Delta (-5.05% to 37.90, -2.0)
- Weak auto sales weighing on Honda (-2.68% to 29.74, -0.82), sales in Feb down 20.6%.
- SPX Eminis -73.25 points (-1.68%) at 4295.25; Dow Industrials -674.35 points (-1.99%) at 33215.18; NASDAQ -210.5 points (-1.5%) at 13541.24.
- SPX lagging sectors:
- Financials -4.07%
- Materials -2.54%
- Information Technology -1.96%
