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EQUITIES: E-Mini S&P Conditions Still Bearish Despite Monday's Partial Recovery

EQUITIES
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Eurostoxx 50 futures traded lower last week and a bearish tone - a correction - remains intact for now. The latest move down has resulted in a break of both the 20- and 50-day EMAs. Friday’s sharp sell-off signals scope for an extension lower and sights are on 4686.53, a Fibonacci retracement point.  Initial key short-term resistance has been defined at 4998.00, the Sep 3 high. First resistance is at 4876.96, the 50-day EMA. Recent weakness in S&P E-Minis highlighted the start of a corrective cycle. The contract remains in a bear-mode condition for now and scope is seen for a deeper retracement near-term. An extension lower would open 5330.00, 61.8% retracement of the Aug 5 - Sep 3 bull leg. Key resistance has been defined at 5669.75, the Sep 3 high. Initial firm resistance to watch is 5538.47, the 20-day EMA.    

  • Japan's NIKKEI closed lower by 56.59 pts or -0.16% at 36159.16 and the TOPIX ended 3.19 pts lower or -0.12% at 2576.54.
  • Elsewhere, in China the SHANGHAI closed higher by 7.704 pts or +0.28% at 2744.192 and the HANG SENG ended 37.13 pts higher or +0.22% at 17234.09.
  • Across Europe, Germany's DAX trades lower by 5.56 pts or -0.03% at 18437.44, FTSE 100 lower by 36.65 pts or -0.44% at 8234.53, CAC 40 up 32.77 pts or +0.44% at 7458.03 and Euro Stoxx 50 up 10.63 pts or +0.22% at 4789.29.
  • Dow Jones mini up 7 pts or +0.02% at 40889, S&P 500 mini down 2 pts or -0.04% at 5477.5, NASDAQ mini down 45.25 pts or -0.24% at 18647.
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Eurostoxx 50 futures traded lower last week and a bearish tone - a correction - remains intact for now. The latest move down has resulted in a break of both the 20- and 50-day EMAs. Friday’s sharp sell-off signals scope for an extension lower and sights are on 4686.53, a Fibonacci retracement point.  Initial key short-term resistance has been defined at 4998.00, the Sep 3 high. First resistance is at 4876.96, the 50-day EMA. Recent weakness in S&P E-Minis highlighted the start of a corrective cycle. The contract remains in a bear-mode condition for now and scope is seen for a deeper retracement near-term. An extension lower would open 5330.00, 61.8% retracement of the Aug 5 - Sep 3 bull leg. Key resistance has been defined at 5669.75, the Sep 3 high. Initial firm resistance to watch is 5538.47, the 20-day EMA.    

  • Japan's NIKKEI closed lower by 56.59 pts or -0.16% at 36159.16 and the TOPIX ended 3.19 pts lower or -0.12% at 2576.54.
  • Elsewhere, in China the SHANGHAI closed higher by 7.704 pts or +0.28% at 2744.192 and the HANG SENG ended 37.13 pts higher or +0.22% at 17234.09.
  • Across Europe, Germany's DAX trades lower by 5.56 pts or -0.03% at 18437.44, FTSE 100 lower by 36.65 pts or -0.44% at 8234.53, CAC 40 up 32.77 pts or +0.44% at 7458.03 and Euro Stoxx 50 up 10.63 pts or +0.22% at 4789.29.
  • Dow Jones mini up 7 pts or +0.02% at 40889, S&P 500 mini down 2 pts or -0.04% at 5477.5, NASDAQ mini down 45.25 pts or -0.24% at 18647.