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EQUITIES: Bear Threat in Eurostoxx 50 Futures Still Present Despite Latest Gains

EQUITIES
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Eurostoxx 50 futures are holding on to their recent gains. Despite the latest recovery, a bear threat is still present. The sell-off between Sep 3 - 6, resulted in a move below both the 20- and 50-day EMAs. A resumption of the bear leg would signal scope for weakness towards 4686.53, a Fibonacci retracement point. First resistance is at 4863.45, the 50-day EMA. A clear break of this average would strengthen a bullish condition. Last week’s recovery in S&P E-Minis, highlights a bullish reversal and the end of the Sep 3 - 6 corrective cycle. The contract is trading above the 20- and 50-day EMAs and a continuation higher would open 5730.50, the Sep 3 high. Clearance of this level would expose 5785.00, the Jul 16 high and bull trigger. A reversal lower and a breach of 5451.25, the Sep 6 low, would reinstate a bearish theme. First support is 5583.10, the 50-day EMA.

  • Japan's NIKKEI closed lower by 378.54 pts or -1.03% at 36203.22 and the TOPIX ended 15.38 pts lower or -0.6% at 2555.76.
  • Across Europe, Germany's DAX trades higher by 58.62 pts or +0.31% at 18692.3, FTSE 100 higher by 60.86 pts or +0.74% at 8339.44, CAC 40 up 34.77 pts or +0.47% at 7484.21 and Euro Stoxx 50 up 21.41 pts or +0.44% at 4849.04.
  • Dow Jones mini up 71 pts or +0.17% at 41731, S&P 500 mini up 13.25 pts or +0.24% at 5651.5, NASDAQ mini up 72.25 pts or +0.37% at 19505.25.
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Eurostoxx 50 futures are holding on to their recent gains. Despite the latest recovery, a bear threat is still present. The sell-off between Sep 3 - 6, resulted in a move below both the 20- and 50-day EMAs. A resumption of the bear leg would signal scope for weakness towards 4686.53, a Fibonacci retracement point. First resistance is at 4863.45, the 50-day EMA. A clear break of this average would strengthen a bullish condition. Last week’s recovery in S&P E-Minis, highlights a bullish reversal and the end of the Sep 3 - 6 corrective cycle. The contract is trading above the 20- and 50-day EMAs and a continuation higher would open 5730.50, the Sep 3 high. Clearance of this level would expose 5785.00, the Jul 16 high and bull trigger. A reversal lower and a breach of 5451.25, the Sep 6 low, would reinstate a bearish theme. First support is 5583.10, the 50-day EMA.

  • Japan's NIKKEI closed lower by 378.54 pts or -1.03% at 36203.22 and the TOPIX ended 15.38 pts lower or -0.6% at 2555.76.
  • Across Europe, Germany's DAX trades higher by 58.62 pts or +0.31% at 18692.3, FTSE 100 higher by 60.86 pts or +0.74% at 8339.44, CAC 40 up 34.77 pts or +0.47% at 7484.21 and Euro Stoxx 50 up 21.41 pts or +0.44% at 4849.04.
  • Dow Jones mini up 71 pts or +0.17% at 41731, S&P 500 mini up 13.25 pts or +0.24% at 5651.5, NASDAQ mini up 72.25 pts or +0.37% at 19505.25.