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Stocks Re-Target Recent Lows

  • Equity markets across Wall Street head into the Wednesday close in negative territory, with relatively uniform losses of between 0.5-0.8%. While no new multi-month lows were printed, headline indices remain in close proximity to the October lows, a break below which could re-trigger bearish pressure.
  • Energy and materials names led the S&P 500 into the red, with a reversal in oil & gas prices largely responsible. Nonetheless all sectors traded lower, with healthcare and financials also putting in a poor show.
  • The immediate bear trigger for the e-mini S&P is 4260.00, the Oct 1 low. A break would pave the way for weakness toward 4214.50, the Jul 19 low. 4095.00 would mark 10% from the recent highs, and official correction.
  • European headline indices underperformed their US counterparts, with Spain's IBEX-35 dropping 1.7% while the EuroStoxx50 dropped 1.3%.
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