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

Eurostoxx 50 futures traded higher again Thursday 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, a clear break of the 50-day average, at 4184.30, would signal scope for a stronger bull cycle. This would open 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 are traded higher Thursday and the contract is holding on to this week’s gains. The latest climb still appears to be a correction, however, price is through the 20-day EMA, at 4281.95. The clear break of this average suggests scope for a stronger short-term recovery, perhaps towards the 50-day EMA at 4354.59. Key support and the bear trigger has been defined at 4122.25, the Oct 27 low.

• In China the SHANGHAI closed higher by 21.392 pts or +0.71% at 3030.798 and the HANG SENG ended 433.53 pts higher or +2.52% at 17664.12.
• Across Europe, Germany's DAX trades higher by 41.28 pts or +0.27% at 15185.53, FTSE 100 higher by 22.57 pts or +0.3% at 7469.13, CAC 40 up 16.52 pts or +0.23% at 7077.21 and Euro Stoxx 50 up 9.8 pts or +0.24% at 4179.42.
• Dow Jones mini up 3 pts or +0.01% at 33918, S&P 500 mini down 6.25 pts or -0.14% at 4330, NASDAQ mini down 50.25 pts or -0.34% at 14948.75.