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Bounce Off Lows Deemed Corrective as Futures Fade

EQUITIES

S&P E-Minis trend conditions remain bearish following last week’s extension lower and the bearish follow through this week. Short-term gains are considered corrective. EUROSTOXX 50 futures trend conditions remain bearish despite yesterday’s recovery - gains are considered corrective. This week’s fresh cycle lows mark an extension of the reversal on Sep 13 from 3678.00.


  • Japan's NIKKEI closed higher by 248.07 pts or +0.95% at 26422.05 and the TOPIX ended 13.65 pts higher or +0.74% at 1868.8.
  • Elsewhere, in China the SHANGHAI closed lower by 3.862 pts or -0.13% at 3041.205 and the HANG SENG ended 85.01 pts lower or -0.49% at 17165.87.
  • Across Europe, Germany's DAX trades lower by 156.54 pts or -1.28% at 12026.09, FTSE 100 lower by 125.6 pts or -1.79% at 6879.92, CAC 40 down 73.7 pts or -1.28% at 5692.5 and Euro Stoxx 50 down 42.65 pts or -1.28% at 3293.39.
  • Dow Jones mini down 317 pts or -1.07% at 29432, S&P 500 mini down 41.25 pts or -1.11% at 3690, NASDAQ mini down 141.75 pts or -1.23% at 11412.75.

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