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EQUITIES: Bull Cycle in E-Mini S&P Intact Despite Recent Shallow Pullback

EQUITIES
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Eurostoxx 50 futures are unchanged. The latest pullback appears to be a correction. Key short-term support to watch is 4929.62, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Recently, the contract  breached resistance at 5024.00, the Sep 3 high. This confirmed a resumption of the bull leg that started Aug 5 and cancels a recent bearish theme. Key resistance and bull trigger is 5106.00, the Sep 30 high. A bull cycle in S&P E-Minis remains intact and the latest shallow pullback still appears to be a correction. Price is trading closer to its recent highs. MA studies are in a bull-mode setup, highlighting a dominant uptrend and positive market sentiment. Sights are on 5868.50, a Fibonacci projection, and 5900.00 further out. Initial support  to watch is 5742.64, the 20-day EMA. It has been pierced. Key support lies at 5674.40 the 50-day EMA.

  • Japan's NIKKEI closed higher by 340.42 pts or +0.87% at 39277.96 and the TOPIX ended 8.09 pts higher or +0.3% at 2707.24.
  • Elsewhere, in China the SHANGHAI closed lower by 230.917 pts or -6.62% at 3258.858 and the HANG SENG ended 289.55 pts lower or -1.38% at 20637.24.
  • Across Europe, Germany's DAX trades higher by 3.82 pts or +0.02% at 19069.87, FTSE 100 higher by 30.97 pts or +0.38% at 8221.66, CAC 40 up 11.61 pts or +0.15% at 7532.93 and Euro Stoxx 50 down 0.94 pts or -0.02% at 4948.06.
  • Dow Jones mini down 95 pts or -0.22% at 42280, S&P 500 mini down 13 pts or -0.22% at 5787.75, NASDAQ mini down 60.75 pts or -0.3% at 20238.
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Eurostoxx 50 futures are unchanged. The latest pullback appears to be a correction. Key short-term support to watch is 4929.62, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Recently, the contract  breached resistance at 5024.00, the Sep 3 high. This confirmed a resumption of the bull leg that started Aug 5 and cancels a recent bearish theme. Key resistance and bull trigger is 5106.00, the Sep 30 high. A bull cycle in S&P E-Minis remains intact and the latest shallow pullback still appears to be a correction. Price is trading closer to its recent highs. MA studies are in a bull-mode setup, highlighting a dominant uptrend and positive market sentiment. Sights are on 5868.50, a Fibonacci projection, and 5900.00 further out. Initial support  to watch is 5742.64, the 20-day EMA. It has been pierced. Key support lies at 5674.40 the 50-day EMA.

  • Japan's NIKKEI closed higher by 340.42 pts or +0.87% at 39277.96 and the TOPIX ended 8.09 pts higher or +0.3% at 2707.24.
  • Elsewhere, in China the SHANGHAI closed lower by 230.917 pts or -6.62% at 3258.858 and the HANG SENG ended 289.55 pts lower or -1.38% at 20637.24.
  • Across Europe, Germany's DAX trades higher by 3.82 pts or +0.02% at 19069.87, FTSE 100 higher by 30.97 pts or +0.38% at 8221.66, CAC 40 up 11.61 pts or +0.15% at 7532.93 and Euro Stoxx 50 down 0.94 pts or -0.02% at 4948.06.
  • Dow Jones mini down 95 pts or -0.22% at 42280, S&P 500 mini down 13 pts or -0.22% at 5787.75, NASDAQ mini down 60.75 pts or -0.3% at 20238.