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Stocks Slip as Sentiment Ebbs Ahead of CB Deluge

EQUITIES
  • Equities on both sides of the Atlantic slipped lower on Monday, with Wall Street shedding 0.5-1.0% shortly following the cash open. Initial trade was relatively buoyant, with continental markets posting gains after a more solid Asia session, but this soon reversed at the NY crossover.
  • Weakness in oil prices provided another drag for the energy sector, prompting explorers and refiners to sit at the bottom of the pile Monday. Consumer discretionary names also performed poorly as automobiles & components stocks sagged, led by Tesla, which dropped over 5%.
  • Despite Monday's modest weakness, S&P E-minis maintain a firmer tone over the short-term. Futures trade above the 50-day EMA, at 4577.19. This average is a pivot level and the recent strong recovery through it has improved conditions for bulls. The focus is on the 4735.00 all-time high. Key support and the bear trigger is at 4492.00, the Dec 3 low.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market News

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