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EQUITIES: Bearish Conditions in Eurostoxx 50 Futures Remain Intact

EQUITIES
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A bearish condition in Eurostoxx 50 futures remains intact and last week’s fresh cycle lows reinforce current conditions, having confirmed a resumption of the bear cycle. The contract has pierced 4815.50, the 50.0% retracement of the Aug 5 - Sep 30 bull cycle. This exposes 4757.00, the Sep 6 / 10 low and a key support. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break would instead highlight a reversal. Bullish conditions in S&P E-Minis remain intact and last week’s gains reinforce current conditions. A key short-term support has been defined at 5724.25, Nov 4 low. The latest rally resulted in a breach of the bull trigger at 5927.25, Oct 17 high, confirming a resumption of the primary uptrend. The 6000.0 psychological handle has been pierced. Sights are on 6070.16, a Fibonacci projection. Initial support is at 5927.25, the Oct 17 high.

  • Japan's NIKKEI closed lower by 157.23 pts or -0.4% at 39376.09 and the TOPIX ended 1.84 pts higher or +0.07% at 2741.52.
  • Elsewhere, in China the SHANGHAI closed lower by 48.096 pts or -1.39% at 3421.97 and the HANG SENG ended 580.05 pts lower or -2.84% at 19846.88.
  • Across Europe, Germany's DAX trades lower by 120.98 pts or -0.62% at 19326.54, FTSE 100 lower by 55.22 pts or -0.68% at 8069.98, CAC 40 down 74.69 pts or -1.01% at 7352.19 and Euro Stoxx 50 down 30.7 pts or -0.63% at 4823.33.
  • Dow Jones mini down 45 pts or -0.1% at 44401, S&P 500 mini down 8.5 pts or -0.14% at 6024, NASDAQ mini down 15 pts or -0.07% at 21203.75.
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A bearish condition in Eurostoxx 50 futures remains intact and last week’s fresh cycle lows reinforce current conditions, having confirmed a resumption of the bear cycle. The contract has pierced 4815.50, the 50.0% retracement of the Aug 5 - Sep 30 bull cycle. This exposes 4757.00, the Sep 6 / 10 low and a key support. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break would instead highlight a reversal. Bullish conditions in S&P E-Minis remain intact and last week’s gains reinforce current conditions. A key short-term support has been defined at 5724.25, Nov 4 low. The latest rally resulted in a breach of the bull trigger at 5927.25, Oct 17 high, confirming a resumption of the primary uptrend. The 6000.0 psychological handle has been pierced. Sights are on 6070.16, a Fibonacci projection. Initial support is at 5927.25, the Oct 17 high.

  • Japan's NIKKEI closed lower by 157.23 pts or -0.4% at 39376.09 and the TOPIX ended 1.84 pts higher or +0.07% at 2741.52.
  • Elsewhere, in China the SHANGHAI closed lower by 48.096 pts or -1.39% at 3421.97 and the HANG SENG ended 580.05 pts lower or -2.84% at 19846.88.
  • Across Europe, Germany's DAX trades lower by 120.98 pts or -0.62% at 19326.54, FTSE 100 lower by 55.22 pts or -0.68% at 8069.98, CAC 40 down 74.69 pts or -1.01% at 7352.19 and Euro Stoxx 50 down 30.7 pts or -0.63% at 4823.33.
  • Dow Jones mini down 45 pts or -0.1% at 44401, S&P 500 mini down 8.5 pts or -0.14% at 6024, NASDAQ mini down 15 pts or -0.07% at 21203.75.