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EQUITIES: Bullish Theme in E-Mini S&P Intact Despite Extension of Sell-Off

EQUITIES
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Eurostoxx 50 futures have reversed course this week and a bearish tone - a correction - remains intact for now. The move down has resulted in a break of both the 20- and 50-day EMAs. This paves the way for a pullback towards 4805.47 initially, a Fibonacci retracement. Initial firm short-term resistance has been defined at 4998.00, the Sep 3 high. Clearance of this level would reinstate the recent bullish theme. A bullish theme in S&P E-Minis remains intact. However, this week’s sharp sell-off highlights the start of a corrective cycle. The pullback has resulted in a breach of the 20-day EMA and the pair has pierced support at the 50-day average, at 5520.21. A clear break of this EMA would signal scope for a deeper retracement towards 5459.75, a Fibonacci retracement. Key near-term resistance has been defined at 5669.75, the Sep 3 high.

  • Japan's NIKKEI closed lower by 265.62 pts or -0.72% at 36391.47 and the TOPIX ended 23.34 pts lower or -0.89% at 2597.42.
  • Across Europe, Germany's DAX trades lower by 121.38 pts or -0.65% at 18456.08, FTSE 100 lower by 35.36 pts or -0.43% at 8206.31, CAC 40 down 30.96 pts or -0.42% at 7400.66 and Euro Stoxx 50 down 28.7 pts or -0.6% at 4786.21.
  • Dow Jones mini down 159 pts or -0.39% at 40672, S&P 500 mini down 36.25 pts or -0.66% at 5476, NASDAQ mini down 217.5 pts or -1.15% at 18748.5.
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Eurostoxx 50 futures have reversed course this week and a bearish tone - a correction - remains intact for now. The move down has resulted in a break of both the 20- and 50-day EMAs. This paves the way for a pullback towards 4805.47 initially, a Fibonacci retracement. Initial firm short-term resistance has been defined at 4998.00, the Sep 3 high. Clearance of this level would reinstate the recent bullish theme. A bullish theme in S&P E-Minis remains intact. However, this week’s sharp sell-off highlights the start of a corrective cycle. The pullback has resulted in a breach of the 20-day EMA and the pair has pierced support at the 50-day average, at 5520.21. A clear break of this EMA would signal scope for a deeper retracement towards 5459.75, a Fibonacci retracement. Key near-term resistance has been defined at 5669.75, the Sep 3 high.

  • Japan's NIKKEI closed lower by 265.62 pts or -0.72% at 36391.47 and the TOPIX ended 23.34 pts lower or -0.89% at 2597.42.
  • Across Europe, Germany's DAX trades lower by 121.38 pts or -0.65% at 18456.08, FTSE 100 lower by 35.36 pts or -0.43% at 8206.31, CAC 40 down 30.96 pts or -0.42% at 7400.66 and Euro Stoxx 50 down 28.7 pts or -0.6% at 4786.21.
  • Dow Jones mini down 159 pts or -0.39% at 40672, S&P 500 mini down 36.25 pts or -0.66% at 5476, NASDAQ mini down 217.5 pts or -1.15% at 18748.5.