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EQUITIES: Bull Cycle in E-Mini S&P Remains Intact, Focus on $5868.50

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 continuation of the trend with sights on 5138.24, a Fibonacci projection, and the 5200 handle further out. On the downside, key short-term support is seen at 4917.56, 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 highlights a dominant uptrend. Scope is seen for a climb towards 5868.50, 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 higher by 732.42 pts or +1.93% at 38651.97 and the TOPIX ended 44.84 pts higher or +1.69% at 2690.78.
  • Across Europe, Germany's DAX trades higher by 63.44 pts or +0.33% at 19387.96, FTSE 100 higher by 24.5 pts or +0.3% at 8261.61, CAC 40 down 9.47 pts or -0.12% at 7626.28 and Euro Stoxx 50 up 6.12 pts or +0.12% at 5006.57.
  • Dow Jones mini down 86 pts or -0.2% at 42559, S&P 500 mini down 4.75 pts or -0.08% at 5810.25, NASDAQ mini up 8.25 pts or +0.04% at 20271.
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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 continuation of the trend with sights on 5138.24, a Fibonacci projection, and the 5200 handle further out. On the downside, key short-term support is seen at 4917.56, 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 highlights a dominant uptrend. Scope is seen for a climb towards 5868.50, 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 higher by 732.42 pts or +1.93% at 38651.97 and the TOPIX ended 44.84 pts higher or +1.69% at 2690.78.
  • Across Europe, Germany's DAX trades higher by 63.44 pts or +0.33% at 19387.96, FTSE 100 higher by 24.5 pts or +0.3% at 8261.61, CAC 40 down 9.47 pts or -0.12% at 7626.28 and Euro Stoxx 50 up 6.12 pts or +0.12% at 5006.57.
  • Dow Jones mini down 86 pts or -0.2% at 42559, S&P 500 mini down 4.75 pts or -0.08% at 5810.25, NASDAQ mini up 8.25 pts or +0.04% at 20271.