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E-Mini S&P Resistance at 50-Day EMA Remains Intact


A bearish theme in Eurostoxx 50 futures remains in play and last week’s reversal from 4256.00, the Oct 12 high, signals the end of the recent corrective cycle. Note too that resistance at the 50-day EMA, at 4249.70, remains intact. A clear break of this average is required to signal scope for a stronger correction. The bear trigger lies at 4082.00, the Oct 4 low. Clearance of this level would confirm a resumption of the downtrend.S&P e-minis found resistance last week at 4430.50 (Oct 12 high). The pullback means that - for now - resistance at the 50-day EMA, at 4426.42, remains intact. A clear breach of this average is required to strengthen bullish conditions and this would open 4492.88, trendline resistance drawn from the Jul 27 high. On the downside, a deeper pullback would refocus attention on 4235.50, the Oct 4 low and bear trigger.

  • Japan's NIKKEI closed higher by 381.26 pts or +1.2% at 32040.29 and the TOPIX ended 18.54 pts higher or +0.82% at 2292.08.
  • Elsewhere, in China the SHANGHAI closed higher by 9.683 pts or +0.32% at 3083.496 and the HANG SENG ended 132.98 pts higher or +0.75% at 17769.23.
  • Across Europe, Germany's DAX trades lower by 45.15 pts or -0.3% at 15283.28, FTSE 100 higher by 12.71 pts or +0.17% at 7668.53, CAC 40 down 11.66 pts or -0.17% at 7048.83 and Euro Stoxx 50 down 13.06 pts or -0.31% at 4162.05.
  • Dow Jones mini down 73 pts or -0.21% at 34138, S&P 500 mini down 9 pts or -0.2% at 4401.25, NASDAQ mini down 33.25 pts or -0.22% at 15291.75.

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