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EQUITIES: Bull Cycle in E-Mini S&P Firms Following Thursday's Rally

EQUITIES

Eurostoxx 50 futures trade firmly Friday morning, having tripped the bull trigger ahead of the Thursday close. Short-term momentum is tilted higher, with 5065.38 resistance (the 0.618 proj of the Aug 5 - Sep 3 - Sep 6 price swing) cleared to open 5100 and 5114 above. On an intraday basis, 5090.47 could cap rallies, but the picture remains firm the longer prices hold above the mid-week lows. A bull cycle in S&P E-Minis firmed again Thursday with the confirmed break above both round number resistance at 5800 and the 0.50 projection for the Sep 6 - 17 - 8 minor price swing at 5818.12. This confirms a resumption of the long-term uptrend. First key support is 5635.41, the 50-day EMA. Initial support lies at 5700.77, the 20-day EMA.

  • Japan's NIKKEI closed higher by 903.93 pts or +2.32% at 39829.56 and the TOPIX ended 19.82 pts higher or +0.73% at 2740.94.
  • Elsewhere, in China the SHANGHAI closed higher by 86.576 pts or +2.89% at 3087.529 and the HANG SENG ended 707.72 pts higher or +3.55% at 20632.3.
  • Across Europe, Germany's DAX trades higher by 75.06 pts or +0.39% at 19315.8, FTSE 100 higher by 23.11 pts or +0.28% at 8308.48, CAC 40 up 22.27 pts or +0.29% at 7764.36 and Euro Stoxx 50 up 14.26 pts or +0.28% at 5046.85.
  • Dow Jones mini down 7 pts or -0.02% at 42548, S&P 500 mini down 3.75 pts or -0.06% at 5800.75, NASDAQ mini down 37.25 pts or -0.18% at 20309.25.
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