E-Mini S&P Close to Recent Lows Following Thursday's Late Sell-Off

A short-term bull cycle in Eurostoxx 50 futures remains intact and the contract traded higher Thursday, resuming the current uptrend. Price has recently traded through resistance at both the 20- and 50-day EMAs. The clear break of the 50-day EMA, at 4185.90, signals scope for a stronger bull cycle and opens 4256.00, the Oct 12 high. On the downside, key support and the bear trigger lies at 4001.0, the Oct 27 low. S&P e-minis maintains a firmer short-term tone and the contract is trading higher today. The latest recovery still appears to be a correction, however, price has cleared the 20- and 50-day EMAs. The break of the 50-day average - a key short-term pivot level - has strengthened bullish conditions. Sights are on 4430.50, the Oct 12 high and 4435.50, trendline resistance drawn from the Jul 27 high. Key support and the bear trigger is at 4122.25, the Oct 27 low.

• Japan's NIKKEI closed lower by 78.35 pts or -0.24% at 32568.11 and the TOPIX ended 1.6 pts higher or +0.07% at 2336.72.
• Elsewhere, in China the SHANGHAI closed lower by 14.309 pts or -0.47% at 3038.97 and the HANG SENG ended 308.03 pts lower or -1.76% at 17203.26.
• Across Europe, Germany's DAX trades lower by 101.37 pts or -0.66% at 15251.56, FTSE 100 lower by 68.82 pts or -0.92% at 7386.85, CAC 40 down 60.65 pts or -0.85% at 7053.01 and Euro Stoxx 50 down 29.82 pts or -0.71% at 4199.38.
• Dow Jones mini up 51 pts or +0.15% at 33994, S&P 500 mini down 0 pts or 0% at 4362.25, NASDAQ mini down 35 pts or -0.23% at 15220.75.