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EQUITIES: Bearish Theme in Eurostoxx 50 Futures Remains Intact

EQUITIES
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A bearish theme in the Eurostoxx 50 futures contract remains intact. A fresh cycle low this week marks a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. First resistance is at 4831.33, the 20-day EMA. S&P E-Minis remain above Tuesday’s low. Recent weakness in the contract appears to have been a correction. Medium-term trend signals such as MA studies, continue to highlight a dominant uptrend. The contract has recently traded through support at the 20-day EMA and the next key support to monitor is 5843.83, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. The bull trigger is 6053.25, the Nov 11 high.

  • Japan's NIKKEI closed higher by 257.68 pts or +0.68% at 38283.85 and the TOPIX ended 13.72 pts higher or +0.51% at 2696.53.
  • Elsewhere, in China the SHANGHAI closed lower by 103.212 pts or -3.06% at 3267.192 and the HANG SENG ended 371.14 pts lower or -1.89% at 19229.97.
  • Across Europe, Germany's DAX trades lower by 94.51 pts or -0.49% at 19048.24, FTSE 100 higher by 31.6 pts or +0.39% at 8180.96, CAC 40 down 54.04 pts or -0.75% at 7159.43 and Euro Stoxx 50 down 31.02 pts or -0.65% at 4725.33.
  • Dow Jones mini down 163 pts or -0.37% at 43824, S&P 500 mini down 27.75 pts or -0.46% at 5941.75, NASDAQ mini down 126.75 pts or -0.61% at 20698.75.
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A bearish theme in the Eurostoxx 50 futures contract remains intact. A fresh cycle low this week marks a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. First resistance is at 4831.33, the 20-day EMA. S&P E-Minis remain above Tuesday’s low. Recent weakness in the contract appears to have been a correction. Medium-term trend signals such as MA studies, continue to highlight a dominant uptrend. The contract has recently traded through support at the 20-day EMA and the next key support to monitor is 5843.83, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. The bull trigger is 6053.25, the Nov 11 high.

  • Japan's NIKKEI closed higher by 257.68 pts or +0.68% at 38283.85 and the TOPIX ended 13.72 pts higher or +0.51% at 2696.53.
  • Elsewhere, in China the SHANGHAI closed lower by 103.212 pts or -3.06% at 3267.192 and the HANG SENG ended 371.14 pts lower or -1.89% at 19229.97.
  • Across Europe, Germany's DAX trades lower by 94.51 pts or -0.49% at 19048.24, FTSE 100 higher by 31.6 pts or +0.39% at 8180.96, CAC 40 down 54.04 pts or -0.75% at 7159.43 and Euro Stoxx 50 down 31.02 pts or -0.65% at 4725.33.
  • Dow Jones mini down 163 pts or -0.37% at 43824, S&P 500 mini down 27.75 pts or -0.46% at 5941.75, NASDAQ mini down 126.75 pts or -0.61% at 20698.75.