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Corrective Cycle Still In Play


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Bullish Outlook Remains Intact


A bullish EUROSTOXX 50 futures outlook remains intact and the contract traded higher once again yesterday. The break to a fresh short-term trend high confirms a resumption of the bull cycle that started Oct 3. This paves the way for continued gains above the 3700.00 level. The next key resistance is at 3810.00, the Aug 17 high. Firm support is seen at the 50-day EMA. S&P E-Minis have recovered from last week’s low of 3704.25 (Nov 3). A breach of this level would expose the key short-term support at 3641.50, the Oct 21 low, where a break would signal scope for a continuation lower. For bulls, a stronger reversal higher and more importantly a breach of 3928.00, the Nov 1 high, is required to confirm a resumption of the recent bull theme. This would open 3981.25, the Sep 14 high.

  • Japan's NIKKEI closed lower by 155.68 pts or -0.56% at 27716.43 and the TOPIX ended 8.07 pts lower or -0.41% at 1949.49.
  • Elsewhere, in China the SHANGHAI closed lower by 16.326 pts or -0.53% at 3048.167 and the HANG SENG ended 198.79 pts lower or -1.2% at 16358.52.
  • Across Europe, Germany's DAX trades lower by 36.5 pts or -0.27% at 13649.91, FTSE 100 lower by 25.45 pts or -0.35% at 7281.93, CAC 40 down 0.67 pts or -0.01% at 6439.49 and Euro Stoxx 50 down 4.33 pts or -0.12% at 3734.28.
  • Dow Jones mini down 12 pts or -0.04% at 33167, S&P 500 mini up 2 pts or +0.05% at 3837.75, NASDAQ mini up 29 pts or +0.26% at 11125.75.

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