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E-Mini S&P Extends Corrective Recovery

EQUITIES

Eurostoxx 50 futures traded higher yesterday as the contract extends the corrective recovery from 4187.00, the Aug 18 low. The contract has breached resistance at the 50-day EMA at 4330.6. A continuation higher would signal scope for a climb towards resistance at 4420.00. On the downside, a breach of 4187.00 would be a bearish development and confirm a resumption of the downtrend. The E-mini S&P contract traded higher yesterday and is holding on to its recent gains. Price has traded above resistance at 4520.90, the base of a bull channel, drawn from the Mar 13 low that was breached on Aug 16. A clear break of this level would strengthen the upleg and open 4560.75, the Aug 4 high. Initial support to watch lies at 4452.93, the 50-day EMA. A return below the average would be a bearish development.


  • Japan's NIKKEI closed higher by 285.88 pts or +0.88% at 32619.34 and the TOPIX ended 18.62 pts higher or +0.8% at 2332.
  • Elsewhere, in China the SHANGHAI closed lower by 17.261 pts or -0.55% at 3119.876 and the HANG SENG ended 100.8 pts lower or -0.55% at 18382.06.
  • Across Europe, Germany's DAX trades higher by 94.29 pts or +0.59% at 15986.22, FTSE 100 higher by 1.33 pts or +0.02% at 7474.96, CAC 40 up 9.58 pts or +0.13% at 7373.98 and Euro Stoxx 50 up 12.11 pts or +0.28% at 4327.3.
  • Dow Jones mini up 119 pts or +0.34% at 35073, S&P 500 mini up 5.25 pts or +0.12% at 4529.25, NASDAQ mini up 4 pts or +0.03% at 15505.25.
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