European Stocks Softer After Fed-Induced Weakness Wednesday

S&P E-Minis traded lower Wednesday and cleared recent lows to confirm a resumption of the bear cycle that started mid-August. This strengthens bearish conditions and opens 3741.75, Jul 14 low. The key support at 3657.00, Jun 17 low, has also been exposed. EUROSTOXX 50 futures remain soft following the reversal last week from 3678.00, Jun 13 high. Attention is on a key short-term support at 3423.00, the Sep 5 low. This level has been pierced, a clear break would strengthen bearish conditions and open 3360.00, the Jul 14 low. Short-term gains are considered corrective, first resistance is at 3543.60, the 20-day EMA.

• Japan's NIKKEI closed lower by 159.3 pts or -0.58% at 27153.83 and the TOPIX ended 4.68 pts lower or -0.24% at 1916.12.
• Elsewhere, in China the SHANGHAI closed lower by 8.267 pts or -0.27% at 3108.91 and the HANG SENG ended 296.67 pts lower or -1.61% at 18147.95.
• Across Europe, Germany's DAX trades lower by 70.89 pts or -0.56% at 12696.06, FTSE 100 lower by 19.64 pts or -0.27% at 7217.95, CAC 40 down 41.11 pts or -0.68% at 5990.22 and Euro Stoxx 50 down 19.56 pts or -0.56% at 3472.31.
• Dow Jones mini up 92 pts or +0.3% at 30368, S&P 500 mini up 10 pts or +0.26% at 3815.5, NASDAQ mini up 25 pts or +0.21% at 11732.25.