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Index Futures Plumb New 4-Month Lows

  • Equities plumbing new pullback lows a few hours out from the NY crossover, with the Dec-23 e-mini S&P touching 4219.00, the lowest since late May (or early June on the continuation contract). Moves follow the show above 5.00% for the first time this cycle, with financial conditions ratcheting higher.
  • Prices have now shown below the bear trigger at 4235.50, helping trigger volumes ahead of average for this time of day, with cumulative activity ~15% above average for this time of day. Next support undercuts at 4194.75, the May 24 low.
  • A weak Asia-Pac session (China lower by ~1%, Japan lower by ~0.8%) has fed directly into weak Europe trade, and thereby a poor showing from US futures.
  • Focus remains on US financial conditions and the state of the yield curve (and this week's advance GDP print) as well as the busiest week of the quarter for the corporate earnings cycle, with 38% of the index set to report. Full expectations and timings here:

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