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S&P E-mini Eyes Support At 20-day EMA On Retail Pressure

US STOCKS
  • S&P 500 extends its decline to -1.2% with outsized losses again for the Nasdaq 100 (-1.9%). SPX is led lower by consumer discretionary (-3.3%) after Walmart’s (-8.1%) disappointing earnings along with a notable slide in Amazon (-4.2%). The underperforming retail theme hasn’t been helped by Shopify axing 10% of its workforce on a fading post-pandemic e-commerce boom across the border.
  • Gains meanwhile are led by 3M Co (+7%) on plans to spin off its multibillion-dollar health-care operations, helping health care (+0.4%) see one of the few gains on the day.
  • ESU2 is just off new session lows of 3917.50 (-1.3%), moving closer to initial support at the 20-day EMA of 3898.26. Clearance would open 3723.75 (Jul 14 low) in a reversal of the recent bullish extension after last week’s break above the 50-day EMA, whilst a resumption of this trend would see initial resistance at 4016.25 (Jul 22 high).
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