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Equity Weakness Picking Up as E-mini S&P Nears Friday Low

EQUITIES
  • Downside in equities picking up pace in recent trade, with the e-mini S&P accelerating on the way to new session lows of 4319.25. This exposes next support at the Friday low of 4308 and 4295.8 - the 23.6% retracement for the late Jun - July rally.
  • Energy names are leading losses having been the driving sector behind equity index strength last week, with the turnaround in crude prices largely responsible. Materials and financials also lagging, with a flattening yield curve responsible for the bank weakness so far.
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