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Off Highs

EQUITIES

Bulls breached the 20-day EMA in Euro Stoxx 50 futures (4,774.23), but the move above was only limited before the contract eased to ~4,755.

  • S&P 500 e-minis pulled back at the same time, with bulls unable to force that contract through Asia-Pac highs.
  • While some will point to headlines covering geopolitical tension in the Middle East & the Russia/Ukraine war, along with some Chinese export controls surrounding metals, the move away from highs seems to be more technical-/purely flow-driven, at least to us.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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