Stocks Down to Start the Week

September 4, 2018 10:46AM CDT

Global equity markets were mixed in the overnight with Chinese, Russian and Spanish stocks higher and other markets largely unchanged. UK construction survey for the month of August came in softer than anticipated in the overnight. U.S. economic data will be closely monitored this week with the monthly jobs report on Friday as the Fed looks to raise rates this month. Markets do not like uncertainty, which is observed through the ongoing emerging market currency concerns as well President Trump threatening to not include Canada in the new NAFTA agreement. While the S&P 500 did forge a two-day high in the early session, the net spec and fund long position remains well below the 2018 high and far below the all-time high. Expect some consolidation support around 2898 with the next upside target of 2918.

E-mini S&P Sep '18 Daily Chart

E-mini S&P Sep '18 Daily Chart

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