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E-Minis Marginally Lower

EQUITIES

Little to pen ahead of the cash open, with a negative lead from European benchmarks (partly tied to weaker than expected German factory orders data) noted.

  • $IG supply has taken most of the attention in the corporate sphere.
  • Apple & Microsoft face fresh investigations from EU regulators.
  • Elsewhere, several airline names are under pressure on the back of warnings surrounding increased jet fuel costs.
  • The 3 major e-mini futures sit 0.2-0.3% lower, with the S&P 500 & DJIA futures through yesterday’s lows, but off worst levels.
  • Technically, the S&P 500 e-mini contract maintains a firmer tone and the contract is trading closer to its recent highs. Price has traded above resistance at 4,537.06, the base of a bull channel, drawn from the Mar 13 low that was breached on Aug 16. A clear break of this level would strengthen the upleg and open 4,560.75, the Aug 4 high. Initial support to watch lies at 4,459.74, the 50-day EMA. A return below the average would be a bearish development.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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