US STOCKS: Late Equity Roundup: Late Rebound
Off modest second half lows, stocks inching higher after the FI close -- resilient after weaker data tempers more aggressive rate hikes after year end. SPX eminis futures ESU2 currently +19.5 (0.41%) at 3782.25 vs. 3797.25 high. DJIA +29.11 (0.1%) at 30509.55; Nasdaq +109.4 (1%) at 11162.19.
- SPX leading/lagging sectors: Utilities rebound from weaker midweek performance (+2.12), followed by Health Care (+1.87%) and Consumer Staples (+1.76%). Laggers: Energy sector still underperforming (-4.61%) followed by Materials (-1.85%) and Financials (-1.16%).
- Dow Industrials Leaders/Laggers: United Health Grp (UNH) extends week' rally, +8.27 to 497.95 -- after annc $1.5B purchase of health tech company EMIS on Tue. SalesForce (CRM) +5.29 at 172.74 and Home Depot (HD) +4.44 at 273.42. Laggers: Caterpillar (CAT) -10.39 at 177.44 (MS Price Target Cut to $161.00/Share From $164.00); Chevron (CVX) -6.53 at 141.34.
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USDJPY TECHS: Clears Pivot Support
- RES 4: 132.39 High Apr 15 2002
- RES 3: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
- RES 2: 129.78/131.35 High May 17 / High May 9 and the bull trigger
- RES 1: 128.48 20-day EMA
- PRICE: 126.57 @ 17:31 BST May 24
- SUP 1: 126.36 Low May 23
- SUP 2: 125.86 50-day EMA
- SUP 3: 125.09 Low Apr 14
- SUP 4: 124.01 Low Apr 11
The USDJPY corrective pullback resumed Tuesday. The pair has traded through support at 126.95, Apr 27 low. This level represents an important short-term pivot level and the breach suggests scope for a continuation lower. Current weakness is still considered corrective and is allowing a recent overbought trend reading to unwind. Attention is on the 50-day EMA, at 125.86. Initial firm resistance has been defined at 129.78, May 17 high.
US STOCKS: Late Equity Roundup: Of Lows, Comm Svrcs Still Lagging
Major indexes trading weaker by the FI close, off lows after breaching earlier support to near middle of session range.
- SPX emini futures currently - 52.25 (-1.32%) at 3920.5, Dow Industrials -92.74 (-0.29%) at 31790.05, Nasdaq -334 (-2.9%) at 11202.
- SPX leading/lagging sectors: Utilities extend earlier gains (+1.32%) with gas and electric utilities outperforming water. Consumer Staples follow (+0.80%) with food, beverage and tobacco gaining. Laggers: Communication Services (-4.59%) with media/entertainment weaker: Meta (FB) -8.51%, Warner Bros/Discovery -8.06%, Google -5.72%. Consumer Discretionary (-3.15%)
- Dow Industrials Leaders/Laggers: McDonalds +6.47 at 244.37, United Health Care (UNH) +2.90 at 494.98. Laggers: Boeing (BA) takes the lead trading -5.55 at 118.52, Goldman Sachs (GS) -5.03 at 311.58, Visa (V) -5.27 at 202.29 while
EURGBP TECHS: Bulls Return
- RES 4: 0.8658 High Sep 29 2021
- RES 3: 0.8643 High Sep 30 2021
- RES 2: 0.8619 High May 12 and bull trigger
- RES 1: 0.8587 High May 24
- PRICE: 0.8562 @ 17:21 BST May 24
- SUP 1: 0.8433 Low May 23
- SUP 2: 0.8393/ 0.8391 Low May 17 / 61.8% of Apr 14 - May 12 upleg
- SUP 3: 0.8367 Low May 2 and a key support
- SUP 4: 0.8337 76.4% retracement of the Apr 14 - May 12 upleg
EURGBP rallied Tuesday and cleared initial resistance at 0.8534, May 16 high. The strong gains and break of resistance reinstates a short-term bullish theme and attention turns to resistance at 0.8619, the May 12 high and the next key hurdle for bulls. Clearance of this level would resume a 3.5 month uptrend. On the downside, initial support lies at Monday’s intraday low of 0.8433.
