E-Mini S&P Trading Close to Recent Lows

Eurostoxx 50 futures trend conditions remain bearish and the latest bounce has been corrective. The contract has traded below 4128.00, the Sep 27 low. A continuation lower would confirm a resumption of the downtrend that started late July and signal scope for a move towards 4109.90, a Fibonacci projection. Initial firm resistance is at 4237.60, the 20-day EMA. A break of this average would signal a possible short-term base. A bear cycle in S&P E-minis remains in play and the contract is trading closer to its recent lows. The recent break of support at 4397.75, the Aug 18 low, reinforced bearish conditions and signals scope for a continuation lower. Sights are on 4242.15, a Fibonacci retracement point. Initial firm resistance is 4461.47, the 50-day EMA. Ahead of the 50-day average is resistance at 4399.00, the Sep 22 high, and 4415.45, the 20-day EMA.

• Japan's NIKKEI closed lower by 521.94 pts or -1.64% at 31237.94 and the TOPIX ended 38.97 pts lower or -1.68% at 2275.47.
• Across Europe, Germany's DAX trades lower by 3.01 pts or -0.02% at 15244.2, FTSE 100 higher by 24.87 pts or +0.33% at 7535.81, CAC 40 up 2.25 pts or +0.03% at 7070.41 and Euro Stoxx 50 up 4.56 pts or +0.11% at 4142.19.
• Dow Jones mini up 52 pts or +0.15% at 33691, S&P 500 mini up 8.25 pts or +0.19% at 4332.75, NASDAQ mini up 26.25 pts or +0.18% at 15012.