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Stock Sell-Off Exposing Key Supports, But No Correction Yet

EQUITIES
  • Globally, equities remain weak, with losses led by Asian indices. The Nikkei 225 finished lower by over 2.5%, with Taiwan also a particular weak spot (the Taiex sits over 10% off its 2021 high). Europe is following suit, with most indices off 1.5% or so. UK markets underperform thanks to a sizeable pullback in the materials sector, with the likes of Anglo American and Rio Tinto off sharply after China's pledge to rein in surging commodities prices.
  • The pullback in the e-mini S&P is extending early Thursday, taking out nearby support and edging below the 50-dma at 4052.82. A close below would be the first since early March.
  • Today's weakness has extended the pullback from the alltime high to near 5%, so the index is far from entering correction territory just yet, but markets remain wary of the risk.
  • The longevity of the recent sell-off will depend on the ability for the index to hold above key support at 3994.14. A break below here opens a decline toward 3843.25, which would be well on the way to a technical correction.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeTopicsAnglo American (AAL) Market NewsEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeTopicsAnglo American (AAL) Market NewsEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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