Scott Redler: We’re seeing some red arrows around this morning as most of Europe is down half a percent, dragged down by the banks. Asia also got hit pretty hard, putting in one of those “days to take notice.” The Nikkei finished down 1.9% after starting positive putting in an outside day. The Shanghai composite finished down 1.2%, and we will see what that leads to.
Our markets closed somewhat overbought as we pushed further into that 1740-1760 target zone. Bulls have been a bit spoiled as we are very far extended from the 8- and 21-day moving averages that typically help guide a bull tape. Yesterday we also had a crack in momentum tech as NFLX was sold off on good news and put in a very violent candle. The morning volatility gave a “shot across the bow” for some traders to take some risk down.
S&P futures are down 10-12 handles after peaking at 1759. We have some support at 1740 then 1735. The prior breakout area is at 1729, which will be a spot to measure to see if we can hold. The 8-day EMA is also around that zone, and the 21-day is at 1708, a crucial trend spot.
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