Free Trial

EQUITIES: Tech, Energy Lead Losses As Eminis Test Support

EQUITIES

S&P Emini futures are down 1.7% and are moving through last week's low of 5561.25 (Aug 29). Support to watch lies at 5518.91, the 50-day EMA. A clear breach of it is required to instead highlight a potential bearish threat.

  • Losses are being led by tech (-3.8%), with chipmaker giant Nvidia the standout (off nearly 8%). Energy (-2.1%) is the 2nd weakest sector, as crude oil prices come off sharply (WTI futures -4.5%).
  • Despite no single indentifiable catalyst, there are multiple classic signs of a risk-off move: in the green are defensives (consumer stables, utilities) and real estate.
  • Meanwhile the BBG dollar index is pushing to session highs, with the euro dropping to the lowest levels vs USD since Aug 19.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.