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E-Mini S&Ps Stabilises Just Above Week's Lows

EQUITIES

A key short-term support in Eurostoxx 50 futures at 4282.60 has been breached this week - the 20-day EMA. The recent move down is considered corrective for now. A continuation lower would signal scope for a deeper pullback towards 4220.60, the 50-day EMA. On the upside, clearance of 4363.00, the Apr 21 high and bull trigger, would confirm a resumption of the uptrend. S&P E-minis traded lower Thursday. This week’s move lower has resulted in a breach of both the 20- and 50-day EMAs. Furthermore, the contract has pierced a key support at 4068.75, the Apr 26 low. This highlights a bearish threat and a continuation lower would open 4022.75, the 50.0% retracement of the Mar 13 - May 1 bull leg. Key resistance is far off at 4206.25, the May 1 high.


  • In China the SHANGHAI closed lower by 15.956 pts or -0.48% at 3334.503 and the HANG SENG ended 100.58 pts higher or +0.5% at 20049.31.
  • Across Europe, Germany's DAX trades higher by 120.65 pts or +0.77% at 15853.01, FTSE 100 higher by 40.67 pts or +0.53% at 7744.06, CAC 40 up 43.22 pts or +0.59% at 7383.63 and Euro Stoxx 50 up 18.69 pts or +0.44% at 4305.47.
  • Dow Jones mini up 108 pts or +0.33% at 33303, S&P 500 mini up 19.25 pts or +0.47% at 4095, NASDAQ mini up 65.25 pts or +0.5% at 13108.25.
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