E-Mini S&P Holds Onto Last Week's Gains

Eurostoxx 50 futures traded higher last week as the correction from recent lows extends. Price is through resistance at both the 20- and 50-day EMAs. The broader trend condition is bearish, however, the clear break of the 50-day average, at 4184.60, signals scope for a stronger bull cycle. Sights are on 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 traded higher last week and the contract remains firm. 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. Key support and the bear trigger has been defined at 4122.25, the Oct 27 low.

• Japan's NIKKEI closed higher by 758.59 pts or +2.37% at 32708.48 and the TOPIX ended 38.07 pts higher or +1.64% at 2360.46.
• Elsewhere, in China the SHANGHAI closed higher by 27.612 pts or +0.91% at 3058.41 and the HANG SENG ended 302.47 pts higher or +1.71% at 17966.59.
• Across Europe, Germany's DAX trades lower by 35.82 pts or -0.24% at 15153.77, FTSE 100 lower by 7.02 pts or -0.09% at 7410, CAC 40 down 19.95 pts or -0.28% at 7027.55 and Euro Stoxx 50 down 7.08 pts or -0.17% at 4167.59.
• Dow Jones mini up 25 pts or +0.07% at 34163, S&P 500 mini up 6.25 pts or +0.14% at 4382.25, NASDAQ mini up 26 pts or +0.17% at 15205.25.