E-Mini S&P Remains Close to Mid-October Highs

Eurostoxx 50 futures traded higher last week as the correction from recent lows extends. Price has traded 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 4183.40, would signal scope for a stronger bull cycle and 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 traded higher last week and the contract is holding on to its recent gains. 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 lower by 105.34 pts or -0.33% at 32166.48 and the TOPIX ended 26.96 pts lower or -1.16% at 2305.95.
• Elsewhere, in China the SHANGHAI closed lower by 4.897 pts or -0.16% at 3052.373 and the HANG SENG ended 101.7 pts lower or -0.58% at 17568.46.
• Across Europe, Germany's DAX trades lower by 60.37 pts or -0.4% at 15092.34, FTSE 100 higher by 1.02 pts or +0.01% at 7411.02, CAC 40 down 18.4 pts or -0.26% at 6967.83 and Euro Stoxx 50 down 18.6 pts or -0.45% at 4134.77.
• Dow Jones mini down 8 pts or -0.02% at 34207, S&P 500 mini down 3 pts or -0.07% at 4393, NASDAQ mini down 19 pts or -0.12% at 15354.25.