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EQUITIES: Tech Break, Triple-Witching and Calendar Effect Should Support Volumes

EQUITIES
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US equity futures inch to new pullback lows headed into the PCE data, the Friday cash open as well as the first Fed appearance since Wednesday's rate decision, with Fed's Daly due on Bloomberg TV imminently (see more on that above).

  • The e-mini S&P is now bearing in on the 100-dma support at 5855.6 for the H5 contract - a level last pierced in early September. On an index level, weakness through here opens 5811.65, a Fibonacci retracement.
  • Markets will also be monitoring a break of the trendline support drawn off the Oct'23 low on the continuation contract at 5832.1 today, through which downside activity seemed to accelerate. We expect volumes to remain healthy today given the break lower, as well as the triple witching of quarterly index futures, options and single-stock options today - which may provide some gamma volatility through the open today.
  • The ESH5 contract has already traded volumes of over double what you'd expect to see at this time of day.
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US equity futures inch to new pullback lows headed into the PCE data, the Friday cash open as well as the first Fed appearance since Wednesday's rate decision, with Fed's Daly due on Bloomberg TV imminently (see more on that above).

  • The e-mini S&P is now bearing in on the 100-dma support at 5855.6 for the H5 contract - a level last pierced in early September. On an index level, weakness through here opens 5811.65, a Fibonacci retracement.
  • Markets will also be monitoring a break of the trendline support drawn off the Oct'23 low on the continuation contract at 5832.1 today, through which downside activity seemed to accelerate. We expect volumes to remain healthy today given the break lower, as well as the triple witching of quarterly index futures, options and single-stock options today - which may provide some gamma volatility through the open today.
  • The ESH5 contract has already traded volumes of over double what you'd expect to see at this time of day.