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E-minis Extend Lower

EQUITIES

A seeming flow-driven move in S&P 500 e-minis as the Asia-Pac move extends on a breach of the low that was printed around the time of the Globex re-open. The contract shows below 4,560 as a result, a little over 40 points weaker on the day, or 0.9%, while the NASDAQ 100 sheds 1.2% and the DJIA loses 0.7%.

  • 5K lots of the S&P 500 contract was sold on the move.
  • Technically, the S&P 500 contract found resistance at the top of a bull channel drawn from the Mar 13 low - the channel top is at 4,654.42 today. An extension lower would expose the 20-day EMA - at 4,547.38 and a break there would strengthen bearish conditions. Clearance of the channel top is required to resume the uptrend.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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