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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.

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