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Stocks Edge Lower, Catching Up With Late US Sell-Off

  • Continental equity markets are offered in early Tuesday trade, with the EuroStoxx50 lower by 0.3% at pixel time, while the CAC-40 falls more sharply, lower by 0.5% ahead of the NY crossover. Similar price action in us futures, with the E-mini S&P in minor negative territory. In contrast, the NASDAQ future is in the green.
  • Europe's materials and energy sector is leading the decline, with strength in utilities and healthcare echoing a defensive theme.
  • S&P E-minis have pulled away from recent highs. Recent attention has been on the 50-day EMA that intersects at 4389.01 today.
  • This marks an important short-term pivot resistance and a clear break is required to signal scope for a stronger recovery that would open 4472.00, Sep 27 high. Key support to watch is unchanged at 4260.00, the Oct 1 low and the bear trigger.
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