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E-mini S&P Over 100 Points Off the High

EQUITIES
  • The e-mini S&P has reversed hard off the day’s high of 4217.25, slipping over 100 points to print a new weekly low. Today's price action highlights the downside risk and increases focus on the 50-day EMA, at 4089.67 - a key pivot support.
  • Across the S&P500, decliners outnumber stocks in the green by 45/1, with just 11 stocks in the S&P 500 holding gains at pixel time. The communication services sector is the heaviest hit, but all sectors across the index are lower headed through the London close.
  • NYSE's Tick Index shows evidence of programmatic selling throughout the US morning, with downside pressure picking up following the publication of Powell's speech.
  • Volumes are unsurprisingly healthy and ahead of average, with futures seeing activity around 30% higher than the average for this time of day.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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