NASDAQ 100 Mini Struggles, Apple Pressured Pre-Market

S&P 500 & NASDAQ 100 e-minis under some pressure early on with the negative lead out of China weighing.

• In terms of stock specific matters, pre-market headwinds have been noted for Apple (last indicated the best part of 3% weaker) on the back of a BBG source report suggesting that “China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple Inc. in its biggest foreign market and global production base.”
• The major e-mini futures are flat to 0.6% lower, with the DJIA contract outperforming and the NASDAQ 100 leading the losses.
• Technically, the e-mini S&P 500 contract traded lower yesterday. Key resistance has been defined at 4,547.75, Sep 1 high. A break is required to reinstate the recent bullish theme. Note that recent gains in the contract stalled at the area of resistance around the former bull channel base - drawn from the Mar 13 low. The line intersects at 4,542.44. This is a bearish development and a continuation lower would expose key support at 4,350.00, the Aug 18 low.