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E-mini S&P Price Action Affirms Fragility

  • Equity markets across Europe are mixed Tuesday, with core indices across the UK, France and EuroStoxx50 all in negative territory. This weakness has been somewhat countered by positive showings in German and Spain, but gains are modest at the midpoint of trade.
  • Europe's energy and tech sectors are buoying headline indices, but gains are tempered by weakness across consumer discretionary and utilities stocks.
  • In US futures space, the e-mini S&P holds just above unchanged, with gains of 5 points or so. Some support has surfaced in the near-term, but weakness Friday into Monday keeps today's price action fragile. The contract has breached its 20-day EMA and this signals potential for a pullback towards the key 50-day EMA at 4406.70.

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