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EQUITIES: Bull Cycle in E-Mini S&P Intact After Last Week's Climb to Cycle Highs

EQUITIES
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Eurostoxx 50 futures traded sharply higher last week resulting in a clear break of  5024.00, the Sep 3 high. This confirms a resumption of the bull leg that started Aug 5  and cancels a recent bearish theme. Scope is seen for a climb towards 5138.24, a Fibonacci projection, and the 5200 handle further out. On the downside, key short-term support is seen at 4912.97, the 50-day EMA. A bull cycle in S&P E-Minis remains intact and last week’s fresh cycle highs, reinforce this theme. Moving average studies are in a bull-mode setup and this also reinforces the bullish theme. Scope is seen for a climb towards 5851.84, a Fibonacci projection, and 5900.00 further out. On the downside, initial support  to watch is 5709.39, the 20-day EMA. Key support lies at 5641.58, the Sep 27 low.

  • Japan's NIKKEI closed lower by 1910.01 pts or -4.8% at 37919.55 and the TOPIX ended 95 pts lower or -3.47% at 2645.94.
  • Elsewhere, in China the SHANGHAI closed higher by 248.968 pts or +8.06% at 3336.497 and the HANG SENG ended 501.38 pts higher or +2.43% at 21133.68.
  • Across Europe, Germany's DAX trades lower by 93.48 pts or -0.48% at 19393.69, FTSE 100 lower by 40.56 pts or -0.49% at 8292.67, CAC 40 down 103.92 pts or -1.33% at 7703.53 and Euro Stoxx 50 down 36.02 pts or -0.71% at 5037.33.
  • Dow Jones mini down 23 pts or -0.05% at 42631, S&P 500 mini down 2.25 pts or -0.04% at 5790, NASDAQ mini down 28.25 pts or -0.14% at 20202.5.
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Eurostoxx 50 futures traded sharply higher last week resulting in a clear break of  5024.00, the Sep 3 high. This confirms a resumption of the bull leg that started Aug 5  and cancels a recent bearish theme. Scope is seen for a climb towards 5138.24, a Fibonacci projection, and the 5200 handle further out. On the downside, key short-term support is seen at 4912.97, the 50-day EMA. A bull cycle in S&P E-Minis remains intact and last week’s fresh cycle highs, reinforce this theme. Moving average studies are in a bull-mode setup and this also reinforces the bullish theme. Scope is seen for a climb towards 5851.84, a Fibonacci projection, and 5900.00 further out. On the downside, initial support  to watch is 5709.39, the 20-day EMA. Key support lies at 5641.58, the Sep 27 low.

  • Japan's NIKKEI closed lower by 1910.01 pts or -4.8% at 37919.55 and the TOPIX ended 95 pts lower or -3.47% at 2645.94.
  • Elsewhere, in China the SHANGHAI closed higher by 248.968 pts or +8.06% at 3336.497 and the HANG SENG ended 501.38 pts higher or +2.43% at 21133.68.
  • Across Europe, Germany's DAX trades lower by 93.48 pts or -0.48% at 19393.69, FTSE 100 lower by 40.56 pts or -0.49% at 8292.67, CAC 40 down 103.92 pts or -1.33% at 7703.53 and Euro Stoxx 50 down 36.02 pts or -0.71% at 5037.33.
  • Dow Jones mini down 23 pts or -0.05% at 42631, S&P 500 mini down 2.25 pts or -0.04% at 5790, NASDAQ mini down 28.25 pts or -0.14% at 20202.5.