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Stocks Sour as Markets Halfway to Correction

  • Equity markets across both side of the pond are in negative territory, pressing the likes of the e-mini S&P and DAX through yesterday's lows. The losses in the e-mini S&P put the index overhalfway to entering correction territory, marked at 4095 on the charts.
  • The break lower for the e-mini S&P strengthens a bearish case and confirms a resumption of the bear cycle that started Sep 3. Furthermore, the move lower today establishes a bearish price sequence of lower lows and lower highs on the daily chart and this reinforces bearish conditions, opening 4214.50, Jul 19 low.
  • The energy and financials sectors are leading the decline on the continent, with just utilities and real estate in the green. The much-watched tech sector also remains lower, with Europe's tech names off over 1% on aggregate.

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