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ESA Briefly Dips Through 4100

US STOCKS
  • The S&P E-mini takes a turn lower, briefly dipping through 4100 (-0.7%) after the third largest sell program of the session, as it maintains downward pressure after the ISM Services miss.
  • It pokes back above at 4105 but still begins to more closely eye support at 4078 (Mar 31 low). More sustained pressure could ultimately see focus on the 50-day EMA of 4036.58.
  • Nasdaq sees outsized losses (-1.6%) whilst banks also remain under pressure but are off earlier lows, with the KBW index -1.4% and regionals -1.5% on the day.
  • North of the border, the TSX e-mini is broadly tracking in line with ESA

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