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EQUITIES: Bullish Theme in E-Mini S&P Intact Despite This Week's Sell-Off

EQUITIES

Eurostoxx 50 futures have reversed course this week and a bearish tone remains intact for now. The move down has resulted in a break of both the 20- and 50-day EMAs. This highlights the start of a corrective cycle, paving 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. A break of this level would reinstate the recent bullish theme. A bullish theme S&P E-Minis remains intact, however, Tuesday’s sharp sell-off signals the start of a corrective cycle. Price has traded through the 20-day EMA and pierced support at the 50-day average, at 5520.21. A clear break of the 50-day 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. A breach of it would be bullish.

  • Japan's NIKKEI closed lower by 390.52 pts or -1.05% at 36657.09 and the TOPIX ended 12.73 pts lower or -0.48% at 2620.76.
  • Elsewhere, in China the SHANGHAI closed higher by 4.036 pts or +0.15% at 2788.314 and the HANG SENG ended 13.04 pts lower or -0.07% at 17444.3.
  • Across Europe, Germany's DAX trades higher by 15.67 pts or +0.08% at 18615.22, FTSE 100 higher by 5.13 pts or +0.06% at 8276.45, CAC 40 down 16.28 pts or -0.22% at 7485.85 and Euro Stoxx 50 down 6.37 pts or -0.13% at 4843.74.
  • Dow Jones mini up 51 pts or +0.12% at 41104, S&P 500 mini up 5.5 pts or +0.1% at 5535.75, NASDAQ mini up 4.75 pts or +0.03% at 18974.75.
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