E-Mini S&P Continues to Trade Close to Wednesday's Highs

A short-term bull cycle in Eurostoxx 50 futures remains intact and the contract has traded higher this week. Price has recently cleared resistance at both the 20- and 50-day EMAs - a bullish development. Note that Tuesday’s gains resulted in a breach of resistance at 4256.00, the Oct 12 high. The focus is on 4359.00, the Sep 15 high. Initial support to watch is at 4190.30, the 20-day EMA. S&P e-minis maintain a firmer tone and the contract traded sharply higher Tuesday, and traded higher again yesterday, as the current bull cycle extends. Resistance at 4418.62, a trendline drawn from the Jul 27 high, has been cleared. This reinforces bullish conditions and signals scope for gains towards 4552.38, a Fibonacci retracement. On the downside, initial firm support is seen at 4372.66, the 20-day EMA.

• Japan's NIKKEI closed lower by 95.29 pts or -0.28% at 33424.41 and the TOPIX ended 4.6 pts lower or -0.19% at 2368.62.
• Elsewhere, in China the SHANGHAI closed lower by 21.909 pts or -0.71% at 3050.926 and the HANG SENG ended 246.18 pts lower or -1.36% at 17832.82.
• Across Europe, Germany's DAX trades higher by 58.91 pts or +0.37% at 15808.77, FTSE 100 lower by 28.16 pts or -0.38% at 7459.41, CAC 40 down 22.87 pts or -0.32% at 7187.52 and Euro Stoxx 50 down 2.89 pts or -0.07% at 4313.
• Dow Jones mini down 16 pts or -0.05% at 35037, S&P 500 mini down 3.5 pts or -0.08% at 4515.75, NASDAQ mini down 33.5 pts or -0.21% at 15856.75.