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E-mini S&P Enters Formal Correction Territory

EQUITIES
  • 30 mins out from the cash equity open and e-mini S&P hitting fresh session lows, helping the greenback see another wave of buying interest. Worth noting that the latest downtick puts the index below 4326.9 and therefore into formal correction territory (10% below the early January high).
  • It's likely that the US will follow Europe's lead in sending the tech/growth sectors to the bottom of the sectoral pile, evident in the NASDAQ future's underperformance relative to the DJIA / S&P contracts.
  • These stocks will be of particular interest this week with the stacked earnings slate - Apple, Tesla, Microsoft, Intel, IBM and more are due over the next 5 days

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