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E-Mini S&P Finds Support Ahead of Last Week's Lows

  • Equity markets traded lower across both Europe and the US on Monday, with losses accelerating on the Wall Street opening bell. Cash indices in the US slipping as much as 2.2%, with weakness across tech and communication services names prompting the NASDAQ to underperform other benchmark indices.
  • Stock weakness saw no key headline or data trigger, with markets clearly unsettled from the outset - evidenced by a slew of programmatic selling pressure pushing the e-mini S&P back toward last week's lows. Markets managed to find a modicum of support ahead of Friday's low at 4260.00, but the outlook remains fragile.
  • A break through 4260 would reinforce the current bearish trend, opening Jul 20 low at 4243.50 initially ahead of key support at 4214.50. Around 4095 for the e-mini S&P marks a 10% pullback from the early September alltime high, official correction territory for the index.
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