Fresh Lows For S&P 500 E-minis, VIX Tops 60

The S&P 500 registers fresh intraday lows (sub-5,140) before stabilising, with broader risk-off price action extending and the VIX surging above 60 for the first time since April ’20.

• NY participants sold into the stabilisation that became apparent during the London morning.
• Recession worry continues to dominate news feeds, while headwinds for Nvidia and Berkshire Hathaway’s Q2 sizeable reduction in its Apple holdings have factored into the tech-led sell off.
• Next support in the S&P 500 e-mini comes in at the May 2 low (5,092.00).
• Initial 7% circuit breakers for e-minis outlined below:
• S&P 500: 5,001.75
• NASDAQ 100: 17,265.25
• DJIA: 37,097
• Russell 2,000: 1,970.90
• The NASDAQ 100 contract is the closest to triggering initial circuit breakers, -5.7% on the day after respecting prior session lows during the latest leg of weakness.