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EQUITIES: Tech, Energy Lead Losses As Eminis Test Support

EQUITIES
USEquitiesNorth AmericaBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

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.
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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.