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Equity indices fell Tuesday, with the tech sector in particular taking a knock, leading the NASDAQ to underperform all others. The NASDAQ Comp fell over 2.5%, with big name stocks Apple, Tesla and Alphabet falling sharply.
A reversal in momentum names was largely responsible for the pullback in equities, with markets also expressing some caution in the move higher in nominal yields in recent weeks. The US 10y yield remains in close proximity to multi-month highs, with some market participants expressing some caution that any bleed into real rates could cause further equity market upset.
The 50-dma undercuts as support for the e-mini S&P, today crossing at 3790.09. A break through here would open 3772.15 Fib support - marking the 76.4% Fib of the February rally.