Free Trial

Futures Indicate Seventh Session in the Red

EQUITIES
  • The e-mini S&P printed fresh YTD lows ahead of Monday's opening bell, showing below the key 200-dma support, which today crosses at 4424.8. Markets must settle back above this level to steady the near-term outlook, with earnings now a key driver as well as the FOMC decision on Wednesday. Highlights for the week include Microsoft, Tesla and Apple.
  • This morning's moves follow the break of other notable tech levels including the 50-day EMA, which prompted the downside to accelerate and shift focus lower toward 4311.00, the Oct 12 low and next key support of 4252.75.
  • On a more fundamental basis, 4326.9 marks a 10% drawdown from the alltime highs posted in early January, marking when the index enters an official correction.
  • Europe's tech and industrials sectors are leading losses, although all tracked sectors are in the red a few hours out from the open.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.