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E-mini S&P Anchored at 100-dma

  • Stocks trade mixed ahead of the Monday open, with continental indices trading either side of unchanged. Spain's IBEX-35 very modestly outperforms, although countered by similar weakness in Italy's FTSE-MIB.
  • On the sector breakdown, defensive trade is evident in the strength across healthcare names, while consumer discretionary and financials are the poorest performers.
  • The e-mini S&P remains anchored by the 100-dma, which has proved a definitive level over the past few sessions. The index maintains a bearish theme and Friday cleared key support 4293.75, Sep 20 low. The break strengthens a bearish case and confirms a resumption of the bear cycle that started Sep 3. The move also establishes a price sequence of lower lows and lower highs and this reinforces bearish conditions, opening 4214.50, Jul 19 low.
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