A number of factors have conspired to create a more risk-off tone to the end the trading week than we saw at the start of the European session. Although European indices are just about holding the line, US futures are indicated lower and we may see the S&P 500 retest the lows under the 50 per cent retracement level at 2790. The Dow is indicated -200pts. The FTSE 100 has retreated sharply from the morning highs of the day and may well stutter into the close should Wall Street drag sentiment down. The DAX is also well off the highs though still positive, the CAC is already weaker, and the Euro Stoxx 50 is flat. US indices are already set for their worst week since the middle of March. Key test at yesterday’s lows at 2,766 for SPX.
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