E-Mini S&P Maintains Softer Tone Having Traded to Fresh Cycle Low Friday

A bearish theme in Eurostoxx 50 futures remains in play and price is trading just above its recent lows. The recent breach of support at 4082.00, the Oct 4 low and a bear trigger, confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The focus is on the 4000.00 handle. Initial firm resistance is at 4125.00, the 20-day EMA.S&P e-minis maintain a softer tone. The contract traded to a fresh cycle low Friday and bears remain in the driver’s seat. Last week’s breach of support at 4235.50, Oct 4 low and bear trigger, confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position too. The focus is on 4100.00. Initial firm resistance is at 4295.88, the 20-day EMA.

• Japan's NIKKEI closed lower by 294.73 pts or -0.95% at 30696.96 and the TOPIX ended 23.41 pts lower or -1.04% at 2231.24.
• Elsewhere, in China the SHANGHAI closed higher by 3.769 pts or +0.12% at 3021.553 and the HANG SENG ended 7.63 pts higher or +0.04% at 17406.36.
• Across Europe, Germany's DAX trades higher by 59.02 pts or +0.4% at 14746.55, FTSE 100 higher by 56.84 pts or +0.78% at 7347.93, CAC 40 up 27.18 pts or +0.4% at 6822.56 and Euro Stoxx 50 up 16.86 pts or +0.42% at 4031.22.
• Dow Jones mini up 107 pts or +0.33% at 32612, S&P 500 mini up 18.75 pts or +0.45% at 4156.5, NASDAQ mini up 88.25 pts or +0.62% at 14352.5.