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EQUITIES: E-Mini S&P Breaks Above $5800 Handle, Strengthening Bullish Conditions

EQUITIES
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Eurostoxx 50 futures have started the session strongly, reorienting focus on the September highs and bull trigger at 5024.00. It is still possible that recent gains are corrective. MA studies are in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key support at 4757.00, the Sep 6 / 10 lows. Key resistance is 5024.00, the Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions. A bull cycle in S&P E-Minis firmed this morning with the break above both round number resistance at 5800 and the 0.50 projection for the Sep 6 - 17 - 8 minor price swing at 5818.12. This confirms a resumption of the long-term uptrend. First key support is 5628.50, the 50-day EMA. Initial support lies at 5689.85, the 20-day EMA.

  • Japan's NIKKEI closed higher by 1055.37 pts or +2.79% at 38925.63 and the TOPIX ended 70.62 pts higher or +2.66% at 2721.12.
  • Elsewhere, in China the SHANGHAI closed higher by 104.647 pts or +3.61% at 3000.953 and the HANG SENG ended 795.48 pts higher or +4.16% at 19924.58.
  • Across Europe, Germany's DAX trades higher by 235.3 pts or +1.24% at 19153.69, FTSE 100 higher by 39.2 pts or +0.47% at 8307.9, CAC 40 up 128.56 pts or +1.7% at 7694.18 and Euro Stoxx 50 up 88.9 pts or +1.81% at 5005.79.
  • Dow Jones mini up 206 pts or +0.49% at 42482, S&P 500 mini up 45.25 pts or +0.78% at 5824.25, NASDAQ mini up 271.75 pts or +1.35% at 20463.75.
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Eurostoxx 50 futures have started the session strongly, reorienting focus on the September highs and bull trigger at 5024.00. It is still possible that recent gains are corrective. MA studies are in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key support at 4757.00, the Sep 6 / 10 lows. Key resistance is 5024.00, the Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions. A bull cycle in S&P E-Minis firmed this morning with the break above both round number resistance at 5800 and the 0.50 projection for the Sep 6 - 17 - 8 minor price swing at 5818.12. This confirms a resumption of the long-term uptrend. First key support is 5628.50, the 50-day EMA. Initial support lies at 5689.85, the 20-day EMA.

  • Japan's NIKKEI closed higher by 1055.37 pts or +2.79% at 38925.63 and the TOPIX ended 70.62 pts higher or +2.66% at 2721.12.
  • Elsewhere, in China the SHANGHAI closed higher by 104.647 pts or +3.61% at 3000.953 and the HANG SENG ended 795.48 pts higher or +4.16% at 19924.58.
  • Across Europe, Germany's DAX trades higher by 235.3 pts or +1.24% at 19153.69, FTSE 100 higher by 39.2 pts or +0.47% at 8307.9, CAC 40 up 128.56 pts or +1.7% at 7694.18 and Euro Stoxx 50 up 88.9 pts or +1.81% at 5005.79.
  • Dow Jones mini up 206 pts or +0.49% at 42482, S&P 500 mini up 45.25 pts or +0.78% at 5824.25, NASDAQ mini up 271.75 pts or +1.35% at 20463.75.