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EQUITIES: Bullish Theme in E-Mini S&P Intact Despite Moderate Pullback Wednesday

EQUITIES
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Eurostoxx 50 futures are holding on to their latest gains. The contract has recently pierced the 50-day EMA, at 4877.69. An extension higher would undermine the recent bearish theme and highlight a stronger reversal. Sights are on 4951.00 next, the Jul 31 high. For bears, a reversal lower would refocus attention on the bear trigger at 4494.00, the Aug 5 low. Initial support lies at 4854.57, the 20-day EMA. A bullish theme S&P E-Minis is intact and the contract traded to a fresh cycle high Monday. Price has recently cleared 5600.75, Aug 1 high, signalling scope for an extension towards key resistance and the bull trigger at 5721.25, the Jul 16 high. A break would resume the primary uptrend. Support to watch lies at 5508.99, the 50-day EMA. A clear breach of it is required to instead highlight a potential bearish threat. The latest move lower appears corrective.

  • Japan's NIKKEI closed lower by 9.23 pts or -0.02% at 38362.53 and the TOPIX ended 0.9 pts higher or +0.03% at 2693.02.
  • Elsewhere, in China the SHANGHAI closed lower by 14.323 pts or -0.5% at 2823.106 and the HANG SENG ended 93.87 pts higher or +0.53% at 17786.32.
  • Across Europe, Germany's DAX trades higher by 63.93 pts or +0.34% at 18845.11, FTSE 100 higher by 16.9 pts or +0.2% at 8361.09, CAC 40 up 31.85 pts or +0.42% at 7609.04 and Euro Stoxx 50 up 25.06 pts or +0.51% at 4938.02.
  • Dow Jones mini up 175 pts or +0.43% at 41353, S&P 500 mini up 0.25 pts or +0% at 5609.75, NASDAQ mini down 13.75 pts or -0.07% at 19398.5.
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Eurostoxx 50 futures are holding on to their latest gains. The contract has recently pierced the 50-day EMA, at 4877.69. An extension higher would undermine the recent bearish theme and highlight a stronger reversal. Sights are on 4951.00 next, the Jul 31 high. For bears, a reversal lower would refocus attention on the bear trigger at 4494.00, the Aug 5 low. Initial support lies at 4854.57, the 20-day EMA. A bullish theme S&P E-Minis is intact and the contract traded to a fresh cycle high Monday. Price has recently cleared 5600.75, Aug 1 high, signalling scope for an extension towards key resistance and the bull trigger at 5721.25, the Jul 16 high. A break would resume the primary uptrend. Support to watch lies at 5508.99, the 50-day EMA. A clear breach of it is required to instead highlight a potential bearish threat. The latest move lower appears corrective.

  • Japan's NIKKEI closed lower by 9.23 pts or -0.02% at 38362.53 and the TOPIX ended 0.9 pts higher or +0.03% at 2693.02.
  • Elsewhere, in China the SHANGHAI closed lower by 14.323 pts or -0.5% at 2823.106 and the HANG SENG ended 93.87 pts higher or +0.53% at 17786.32.
  • Across Europe, Germany's DAX trades higher by 63.93 pts or +0.34% at 18845.11, FTSE 100 higher by 16.9 pts or +0.2% at 8361.09, CAC 40 up 31.85 pts or +0.42% at 7609.04 and Euro Stoxx 50 up 25.06 pts or +0.51% at 4938.02.
  • Dow Jones mini up 175 pts or +0.43% at 41353, S&P 500 mini up 0.25 pts or +0% at 5609.75, NASDAQ mini down 13.75 pts or -0.07% at 19398.5.