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EQUITIES: E-Mini S&P Bull Cycle Extends, Recent Gains Reinforce Bullish Set-Up

EQUITIES
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Eurostoxx 50 futures have traded higher this week as the contract extends the recovery since Sep 10. It is still possible that recent gains are corrective. MA studies remain in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key short-term support at 4729.00, Sep 10 low. Key resistance to watch is 4998.00, Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions. A bull cycle in S&P E-Minis remains in play and Thursday’s gains reinforce the current bullish condition. The contract has traded through a key and major resistance at 5785.00, the Jul 16 high and a bull trigger. A clear break of this hurdle would confirm a resumption of the long-term uptrend. Sights are on the 5800.00 handle next. First key support is 5602.68, the 50-day EMA. Initial support lies at 5638.14, the 20-day EMA.

  • Japan's NIKKEI closed higher by 568.58 pts or +1.53% at 37723.91 and the TOPIX ended 25.48 pts higher or +0.97% at 2642.35.
  • Elsewhere, in China the SHANGHAI closed higher by 0.792 pts or +0.03% at 2736.814 and the HANG SENG ended 245.41 pts higher or +1.36% at 18258.57.
  • Across Europe, Germany's DAX trades lower by 186.78 pts or -0.98% at 18814.87, FTSE 100 lower by 43.5 pts or -0.52% at 8285.26, CAC 40 down 70.71 pts or -0.93% at 7544.27 and Euro Stoxx 50 down 47.82 pts or -0.97% at 4895.22.
  • Dow Jones mini down 19 pts or -0.05% at 42038, S&P 500 mini down 11.75 pts or -0.21% at 5706.25, NASDAQ mini down 60.75 pts or -0.31% at 19789.5.
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Eurostoxx 50 futures have traded higher this week as the contract extends the recovery since Sep 10. It is still possible that recent gains are corrective. MA studies remain in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key short-term support at 4729.00, Sep 10 low. Key resistance to watch is 4998.00, Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions. A bull cycle in S&P E-Minis remains in play and Thursday’s gains reinforce the current bullish condition. The contract has traded through a key and major resistance at 5785.00, the Jul 16 high and a bull trigger. A clear break of this hurdle would confirm a resumption of the long-term uptrend. Sights are on the 5800.00 handle next. First key support is 5602.68, the 50-day EMA. Initial support lies at 5638.14, the 20-day EMA.

  • Japan's NIKKEI closed higher by 568.58 pts or +1.53% at 37723.91 and the TOPIX ended 25.48 pts higher or +0.97% at 2642.35.
  • Elsewhere, in China the SHANGHAI closed higher by 0.792 pts or +0.03% at 2736.814 and the HANG SENG ended 245.41 pts higher or +1.36% at 18258.57.
  • Across Europe, Germany's DAX trades lower by 186.78 pts or -0.98% at 18814.87, FTSE 100 lower by 43.5 pts or -0.52% at 8285.26, CAC 40 down 70.71 pts or -0.93% at 7544.27 and Euro Stoxx 50 down 47.82 pts or -0.97% at 4895.22.
  • Dow Jones mini down 19 pts or -0.05% at 42038, S&P 500 mini down 11.75 pts or -0.21% at 5706.25, NASDAQ mini down 60.75 pts or -0.31% at 19789.5.