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Stock Sell-Off Extends, Near-term Support in View

  • Further wave of selling pressure in equities see new lows for the e-mini S&P printed today at 4492.00. In cash markets, it's materials and tech names that are adding the weight, with energy and financials also trading poorly.
  • The weakest single names include Freeport-McMoRan (off with gold prices) and much-beleaguered chip and device makers, with AMD, Micron Tech and Western Digital all sliding sharply.
  • Downside in the E-mini S&P puts the index on course to challenge the 20-day EMA at 4479.62 initially, and weakness through here would narrow focus toward the bear trigger at 4347.75.

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