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EQUITIES: E-Mini S&P Starts the Week on a Bearish Note

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the move lower from Friday’s high is considered corrective. The move down is allowing an overbought trend condition to unwind. Moving average studies are in a bull-mode set-up that highlights a dominant uptrend. The first important support to watch is 5086.38, the 20-day EMA. A resumption of the uptrend would open 5298.50, a Fibonacci projection. The S&P E-Minis contract is starting the week on a bearish note, extending the pullback from Friday’s high. Key short-term support to watch lies at 5961.75, the Jan 16 low. For now, the move down appears corrective, however, a breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement. This would open 5943.94, a Fibonacci retracement. Key resistance is unchanged at 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed lower by 366.18 pts or -0.92% at 39565.8 and the TOPIX ended 7.03 pts higher or +0.26% at 2758.07.
  • Elsewhere, in China the SHANGHAI closed lower by 2.025 pts or -0.06% at 3250.601 and the HANG SENG ended 131.58 pts higher or +0.66% at 20197.77.
  • Across Europe, Germany's DAX trades lower by 224.91 pts or -1.05% at 21169.14, FTSE 100 lower by 14.67 pts or -0.17% at 8487.68, CAC 40 down 61.52 pts or -0.78% at 7865.18 and Euro Stoxx 50 down 70.38 pts or -1.35% at 5148.9.
  • Dow Jones mini down 364 pts or -0.82% at 44238, S&P 500 mini down 113 pts or -1.84% at 6020.75, NASDAQ mini down 670 pts or -3.06% at 21240.5.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the move lower from Friday’s high is considered corrective. The move down is allowing an overbought trend condition to unwind. Moving average studies are in a bull-mode set-up that highlights a dominant uptrend. The first important support to watch is 5086.38, the 20-day EMA. A resumption of the uptrend would open 5298.50, a Fibonacci projection. The S&P E-Minis contract is starting the week on a bearish note, extending the pullback from Friday’s high. Key short-term support to watch lies at 5961.75, the Jan 16 low. For now, the move down appears corrective, however, a breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement. This would open 5943.94, a Fibonacci retracement. Key resistance is unchanged at 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed lower by 366.18 pts or -0.92% at 39565.8 and the TOPIX ended 7.03 pts higher or +0.26% at 2758.07.
  • Elsewhere, in China the SHANGHAI closed lower by 2.025 pts or -0.06% at 3250.601 and the HANG SENG ended 131.58 pts higher or +0.66% at 20197.77.
  • Across Europe, Germany's DAX trades lower by 224.91 pts or -1.05% at 21169.14, FTSE 100 lower by 14.67 pts or -0.17% at 8487.68, CAC 40 down 61.52 pts or -0.78% at 7865.18 and Euro Stoxx 50 down 70.38 pts or -1.35% at 5148.9.
  • Dow Jones mini down 364 pts or -0.82% at 44238, S&P 500 mini down 113 pts or -1.84% at 6020.75, NASDAQ mini down 670 pts or -3.06% at 21240.5.