S&P 500 E-minis Through Monday’s Low

E-minis have shunted through Monday’s lows to last trade 0.5% lower on the session, showing as low as 3,961.75, hitting the softest level observed since March 21 in the process. Bears now target the nearby 2.00 projection of the Mar 29-Apr 18-Apr 21 price swing (3,958.00) with the bearish technical trend remaining in the driving seat. Note that there didn’t seem to be much in the way of overt headline drivers, with the reaction of Asia-Pac participants to Monday’s move leaving cross-asset flows in the driving seat (including TYM2 shunting through Monday’s high and Bitcoin breaking below 30,000).