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Stock Decline Resumes, E-mini S&P Nears Last Week's Low

  • Weakness in equity markets resumed Thursday, with early strength across European and Asia-Pacific hours fading through the opening bell. A lower than expected MNI Chicago PMI added further weight to a market led lower by the consumer categories, as retail sales fell sharply on concerns that supply chain issues will persist over the key Christmas shopping period.
  • The likes of Gap, Nordstrom and Ross Stores slipped as much as 5%, following a warning from Bed Bath & Beyond who continue to forecast a slowdown in retail traffic and no let-up of supply issues.
  • The e-mini S&P cracked back below the 100-dma at 4339.8, with bears needing to push prices back below mid-September's 4293.75 to extend losses. A fall through there opens 4224.00 and 4095 - the point at which the index enters a traditional correction (10% off the cycle high).
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