S&P Minis Bounce Off Yesterday's Low

S&P E-Minis are trading higher this morning and extending Monday’s reversal from the session low. Yesterday’s candle pattern is a bullish engulfing line and this highlights an important short-term reversal. EUROSTOXX 50 futures have established a bullish short-term bullish tone following yesterday’ climb and today’s gains. The strong recovery suggests the contract has entered a corrective cycle and this is allowing an oversold trend condition to unwind. Note Chinese markets remain closed for Golden Week.

• Japan's NIKKEI closed higher by 776.42 pts or +2.96% at 26992.21 and the TOPIX ended 59.31 pts higher or +3.21% at 1906.89.
• Across Europe, Germany's DAX trades higher by 278.23 pts or +2.28% at 12492.17, FTSE 100 higher by 101.1 pts or +1.46% at 7004.81, CAC 40 up 156.61 pts or +2.7% at 5953.33 and Euro Stoxx 50 up 87.75 pts or +2.63% at 3433.46.
• Dow Jones mini up 361 pts or +1.22% at 29906, S&P 500 mini up 51 pts or +1.38% at 3744, NASDAQ mini up 188.75 pts or +1.67% at 11489.5.