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EQUITIES: E-Mini S&P Breaches $6000 Handle, Bullish Theme Strengthening

EQUITIES
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A bearish condition in Eurostoxx 50 futures remains intact and Wednesday’s sell-off reinforces current conditions. The contract has traded to a fresh cycle low and pierced 4815.50, the 50.0% retracement of the Aug 5 - Sep 30 bull cycle. This exposes 4757.00, the Sep 6 / 10 low and a key support. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break would highlight a reversal. Bullish conditions in S&P E-Minis remain intact and this week’s gains reinforce current conditions. A key short-term support has been defined at 5724.25, Nov 4 low. The move higher resulted in a breach of the bull trigger at 5927.25, Oct 17 high, confirming a resumption of the primary uptrend. The 6000.0 psychological handle has been pierced. Sights are on 6028.44, a Fibonacci projection. Initial support is at 5927.25, the Oct 17 high.

  • Japan's NIKKEI closed higher by 118.96 pts or +0.3% at 39500.37 and the TOPIX ended 0.93 pts lower or -0.03% at 2742.15.
  • Elsewhere, in China the SHANGHAI closed lower by 18.364 pts or -0.53% at 3452.297 and the HANG SENG ended 225.15 pts lower or -1.07% at 20728.19.
  • Across Europe, Germany's DAX trades lower by 70.68 pts or -0.37% at 19293.12, FTSE 100 lower by 35.9 pts or -0.44% at 8104.84, CAC 40 down 42.31 pts or -0.57% at 7383.97 and Euro Stoxx 50 down 24.12 pts or -0.5% at 4828.3.
  • Dow Jones mini down 0 pts or 0% at 43909, S&P 500 mini up 5 pts or +0.08% at 6008.75, NASDAQ mini up 13.25 pts or +0.06% at 21237.75.
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A bearish condition in Eurostoxx 50 futures remains intact and Wednesday’s sell-off reinforces current conditions. The contract has traded to a fresh cycle low and pierced 4815.50, the 50.0% retracement of the Aug 5 - Sep 30 bull cycle. This exposes 4757.00, the Sep 6 / 10 low and a key support. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break would highlight a reversal. Bullish conditions in S&P E-Minis remain intact and this week’s gains reinforce current conditions. A key short-term support has been defined at 5724.25, Nov 4 low. The move higher resulted in a breach of the bull trigger at 5927.25, Oct 17 high, confirming a resumption of the primary uptrend. The 6000.0 psychological handle has been pierced. Sights are on 6028.44, a Fibonacci projection. Initial support is at 5927.25, the Oct 17 high.

  • Japan's NIKKEI closed higher by 118.96 pts or +0.3% at 39500.37 and the TOPIX ended 0.93 pts lower or -0.03% at 2742.15.
  • Elsewhere, in China the SHANGHAI closed lower by 18.364 pts or -0.53% at 3452.297 and the HANG SENG ended 225.15 pts lower or -1.07% at 20728.19.
  • Across Europe, Germany's DAX trades lower by 70.68 pts or -0.37% at 19293.12, FTSE 100 lower by 35.9 pts or -0.44% at 8104.84, CAC 40 down 42.31 pts or -0.57% at 7383.97 and Euro Stoxx 50 down 24.12 pts or -0.5% at 4828.3.
  • Dow Jones mini down 0 pts or 0% at 43909, S&P 500 mini up 5 pts or +0.08% at 6008.75, NASDAQ mini up 13.25 pts or +0.06% at 21237.75.