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First Call May 13, 2021
- S&P futures up 0.2% and Nasdaq 100 futures up 0.5% in premarket trading. Comes after US equities came under pressure on Wednesday, falling for a third straight session. S&P saw its biggest decline since February while Dow suffered its worst day since January.
- Equity bullish sentiment nearing the 50% majority line
- SPY has a new Erlanger ETS sell signal
- Markets are short term oversold with lower high bounces expected
- Asian markets sharply lower overnight with Japan the worst performer, down 2.5%, followed by sharp declines in Hong Kong, South Korea, and Taiwan.
- European markets also weak, but off worst levels.
- Treasuries are unchanged to firmer at the long end of the curve.
- Gold down 0.3%.
- WTI crude down 2.2%
- I'm on Real Vision's Daily Briefing live at 4 pm today. It's on Youtube if you don't have a RV subscription