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Corrective Cycle at Play in E-mini S&P

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The trend condition in S&P E-Minis remains bullish, however, the recent move lower highlights a corrective cycle and yesterday’s sell-off reinforces this condition. The contract has breached bull channel support drawn from the Jan 17 low, and cleared the 20-day EMA. A bullish trend condition in Eurostoxx 50 futures remains intact and the latest pullback is considered corrective. The break of support around the 20-day EMA - at 4965.50 - suggests potential for a deeper retracement near-term.

  • Japan's NIKKEI closed lower by 781.06 pts or -1.96% at 38992.08 and the TOPIX ended 29.38 pts lower or -1.08% at 2702.62.
  • Across Europe, Germany's DAX trades lower by 269.28 pts or -1.46% at 18133.52, FTSE 100 lower by 78.33 pts or -0.98% at 7897.89, CAC 40 down 113.13 pts or -1.39% at 8039.22 and Euro Stoxx 50 down 75.26 pts or -1.48% at 4995.23.
  • Dow Jones mini up 62 pts or +0.16% at 38979, S&P 500 mini up 12.75 pts or +0.25% at 5209.5, NASDAQ mini up 50 pts or +0.28% at 18125.
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The trend condition in S&P E-Minis remains bullish, however, the recent move lower highlights a corrective cycle and yesterday’s sell-off reinforces this condition. The contract has breached bull channel support drawn from the Jan 17 low, and cleared the 20-day EMA. A bullish trend condition in Eurostoxx 50 futures remains intact and the latest pullback is considered corrective. The break of support around the 20-day EMA - at 4965.50 - suggests potential for a deeper retracement near-term.

  • Japan's NIKKEI closed lower by 781.06 pts or -1.96% at 38992.08 and the TOPIX ended 29.38 pts lower or -1.08% at 2702.62.
  • Across Europe, Germany's DAX trades lower by 269.28 pts or -1.46% at 18133.52, FTSE 100 lower by 78.33 pts or -0.98% at 7897.89, CAC 40 down 113.13 pts or -1.39% at 8039.22 and Euro Stoxx 50 down 75.26 pts or -1.48% at 4995.23.
  • Dow Jones mini up 62 pts or +0.16% at 38979, S&P 500 mini up 12.75 pts or +0.25% at 5209.5, NASDAQ mini up 50 pts or +0.28% at 18125.