US stock futures erased early gains and moved lower on Monday, following other indices amid doubts over a summit between US President Biden and Russian President Putin will take place. Moscow officials said there were no concrete plans for a summit after the office of French President Emmanuel Macron announced that both US and Russian Presidents agreed in principle to meet to discuss the Ukrainian crisis. Also recent news, that separatists regions in Ukraine ask president Putin to recognize independence and Moscow's allegation that Ukraine sent troops into Russia additionally weighed on market sentiment. Kiev and western countries said that those are provocations and are aimed at justifying Russian military invasion. Additionally the U.S. Ambassador to the U.N. has said the U.S. has “credible information” that Russia has compiled lists of Ukrainians “to be killed or sent to camps” following an invasion. Meanwhile benchmark 10-year Treasury note yield bottomed around 1.927%, easing from a thirty-month high of 2.065% hit on February 16.
US100 took a hit during today's session and is currently testing major support around 13825 pts which is marked with previous price reactions and lower limit of the 1:1 structure. Should break lower occur, downward move may accelerate towards next support at 12880 pts which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
