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US Stocks Poised For a Minor Corrective Bounce at the Open

EQUITIES
Equities across Europe sit lower, with underperformance noted in the FTSE-100, while US futures sit very modestly higher - indicating a minor corrective bounce at the open after the lower close on Tuesday. Technically, EUROSTOXX 50 futures remain bearish - the contract traded to a fresh short-term trend low on Monday. Price has cleared 3456.00, the 76.4% retracement of the Jul 5 - Aug 17 rally. Meanwhile, the S&P E-Minis trend condition remains bearish and price has again traded lower, delivering a fresh short-term low print today. The contract has recently cleared the 50-day EMA. This reinforces the bearish theme and signals scope for a continuation lower.
  • Japan's NIKKEI 225 closed down 196.21 pts or -0.71% at 27430.3 and the TOPIX ended 10.93 pts lower or -0.57% at 1915.65. China's SHANGHAI closed up 2.847 pts or +0.09% at 3246.294 and the HANG SENG ended 158.43 pts lower or -0.83% at 19044.3.
  • Elsewhere, with the DAX down 32.54 pts or -0.25% at 12837.94, FTSE 100 down 57.93 pts or -0.79% at 7242.37, CAC 40 down 20.4 pts or -0.33% at 6083.51 and Euro Stoxx 50 down 10.64 pts or -0.3% at 3489.1.
  • Dow Jones mini up 13 pts or +0.04% at 31179, S&P 500 mini up 4.75 pts or +0.12% at 3914.75, NASDAQ mini up 28.25 pts or +0.24% at 12046.
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