US EQUITY MARKET STRUCTURE: LESSONS FROM AUGUST 24

global equity markets were down 3% to 5% and the e-mini S&P 500 future was limit down 5% in pre-market trading before wider price curbs went into effect at 9:30am.3 Due to these pre-opening factors, the morning began under selling pressure with substantial order imbalances at the open as investors reacting to global macro ................
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