E-Mini S&P Remains Close to Recent Lows

A strong sell-off in Eurostoxx 50 futures Monday highlights a bearish start to this week’s session. A continuation lower would threaten the recent short-term bullish theme and refocus attention on key near-term support at 4210.00, the Sep 8 low. Clearance of this level would confirm a resumption of the downtrend that started late July. Key short-term resistance has been defined at 4359.00, the Sep 15 high. A break would be bullish. A bear cycle in the E-mini S&P contract remains in play. Last Friday’s strong sell-off reinforces this theme and suggests the recent shallow correction higher, is over. Key short-term support has been defined at 4483.25, the Sep 7 low. Clearance of this level would be a bearish development and open 4397.75, the Aug 18 low and a bear trigger. For bulls, a resumption of gains would instead open 4597.50, the Sep 1 high.

• Japan's NIKKEI closed lower by 290.5 pts or -0.87% at 33242.59 and the TOPIX ended 1.92 pts higher or +0.08% at 2430.3.
• Elsewhere, in China the SHANGHAI closed lower by 0.975 pts or -0.03% at 3124.957 and the HANG SENG ended 66.62 pts higher or +0.37% at 17997.17.
• Across Europe, Germany's DAX trades lower by 1.8 pts or -0.01% at 15725.4, FTSE 100 higher by 17.38 pts or +0.23% at 7670.15, CAC 40 up 21.55 pts or +0.3% at 7297.49 and Euro Stoxx 50 up 9.9 pts or +0.23% at 4255.66.
• Dow Jones mini up 26 pts or +0.07% at 34962, S&P 500 mini up 4.5 pts or +0.1% at 4506.25, NASDAQ mini up 13.75 pts or +0.09% at 15429.25.