Apple Worries & Domestic Data Bias E-Minis Lower In Pre-Cash Trade

E-minis have been pressured by the combination of U.S. data outcomes and the previously covered pre-market weakness in Apple (-4.25%). The latter is tied to BBG reports suggesting that “China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies.”

• The 3 major e-minis are 0.2-1.3% lower ahead of the cash open, with the NASDAQ 100 contract leading and the DJIA lagging when it comes to the sell off.
• The S&P 500 e-mini hovers just above initial support at 4,433.50, the Aug 29 low.
• A break there would allow bears to turn focus to 4,350.00, the Aug 18 low and a bear trigger