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SPX Eminis Extending Session Lows

US STOCKS

SPX eminis extending session lows last few minutes, IT continues to underperform, semiconductor makers feel pressure from Pres Biden's new export measures to China. ESZ2 futures currently around 3612.50 (-40.75) - well off last week's high of 3820.00 on Oct 5. This level marks a key resistance, where a break is required to reinstate a short-term bullish theme.

  • The broader trend remains down and attention is on the bear trigger at 3571.75, the Oct 3 low. A break of this level would confirm a resumption of the broader downtrend and open 3558.97, a Fibonacci projection.

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