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E-Minis On The Defensive Ahead Of NY Trade

EQUITIES

There was no fresh, overt trigger when it came to the European morning weakness in e-minis, which was quite likely a function of European reaction to moves lower in Chinese/Hong Kong markets in the wake of a softer than expected Chinese Caixin Services PMI (potentially representing catch down to the official data series), with the European benchmarks also weaker on the day.

  • After that, the softer than expected final Eurozone Services PMI wouldn't have helped bulls and it's been pretty one-way traffic since, resulting in lowest levels of the week for the S&P 500 contract, which last shows around 4,773, -19 on the day.
  • Still, bulls remain in control from a technical perspective, with bears needing to force a break of the relatively distant 20-day EMA (4,397.52) to start turning the technical tide in their favour.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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