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Stocks Ebbing Lower, Tech Names Deflating

EQUITIES

Equities are again lower pre-NY hours, with the e-mini S&P off close to 30 points ahead of the opening bell and opening further the gap with all time highs to over 100 points.

Tech names are underperforming pre-market, with some of the larger names suffering pre-market. The likes of Apple, Facebook and Alphabet are lower by as much as 3%, but particular weakness is noted in Tesla, which has slipped over 8% as the stock follows bitcoin lower (XBT has slipped as much as 18% today alone). Fair values are uniformly negative, with futures continuing to trade cheap relative to the underlying.

Support for the e-mini S&P undercuts at the 50-dma of 3790.46, but the 50% retracement of the February rally at 3807.88 could also provide some support.

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