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Equities Slip With Limited Drivers

US STOCKS
  • Equity index declines have gathered pace in latest trading, coming with largest sell programs of the day with multiple rounds of >1000 names going through in the TICK index, although we don’t see a clear headline at this stage.
  • ESH4 at 4803 has now more than unwound earlier intraday gains seen after the cash open on its way to touching a session high of 4830.75.
  • That move had marked a further push above prior resistance, moving closer to 4854.75 (Fibo projection of Nov -Dec price swings), before the sizeable pullback.
  • The move appears somewhat idiosyncratic, coming with a small uptick for the USD and a smaller cheapening in Tsys.

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