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EQUITIES: E-Minis Point To Slightly Lower Open

EQUITIES
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The negative lead from Europe counters the tailwinds from the pre-holiday stimulus-driven China rally, with e-minis lower into the open.

  • S&P 500 e-minis -0.21%, NASDAQ 100 minis -0.24%, DJIA e-minis -0.19%.
  • Auto sector worry has weighed on the major European indices following negative guidance from Volkswagen, Stellantis & Aston Martin.
  • Zooming out, our technical analyst notes that a bull cycle in S&P 500 e-minis remains intact and last week’s fresh cycle highs reinforce this theme.
  • Moving average studies are in a bull-mode, further reinforcing the bullish theme.
  • Scope is seen for a climb towards 5,851.84, a Fibonacci projection.
  • On the downside, initial support to watch is 5,709.39, the 20-day EMA. 
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The negative lead from Europe counters the tailwinds from the pre-holiday stimulus-driven China rally, with e-minis lower into the open.

  • S&P 500 e-minis -0.21%, NASDAQ 100 minis -0.24%, DJIA e-minis -0.19%.
  • Auto sector worry has weighed on the major European indices following negative guidance from Volkswagen, Stellantis & Aston Martin.
  • Zooming out, our technical analyst notes that a bull cycle in S&P 500 e-minis remains intact and last week’s fresh cycle highs reinforce this theme.
  • Moving average studies are in a bull-mode, further reinforcing the bullish theme.
  • Scope is seen for a climb towards 5,851.84, a Fibonacci projection.
  • On the downside, initial support to watch is 5,709.39, the 20-day EMA.