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EQUITIES: E-Mini S&P Continues to Trade Above Bull Trigger

EQUITIES
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Eurostoxx 50 futures are volatile. A bearish condition remains intact and yesterday’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. A key short-term support has been defined at 5724.25, Nov 4 low. Price is trading above both the 20- and 50-day EMAs and this week’s gains have resulted in a breach of the bull trigger at 5927.25, Oct 17 high. Clearance of this level confirms a resumption of the primary uptrend and opens the 6000.0 psychological handle. A breach of 5724.25, the Nov 4 low is required to reinstate a bearish threat.

  • Japan's NIKKEI closed lower by 99.26 pts or -0.25% at 39381.41 and the TOPIX ended 27.16 pts higher or +1% at 2743.08.
  • Elsewhere, in China the SHANGHAI closed higher by 86.855 pts or +2.57% at 3470.661 and the HANG SENG ended 414.96 pts higher or +2.02% at 20953.34.
  • Across Europe, Germany's DAX trades higher by 242.95 pts or +1.28% at 19282.24, FTSE 100 higher by 10.88 pts or +0.13% at 8177.74, CAC 40 up 49.87 pts or +0.68% at 7419.48 and Euro Stoxx 50 up 42.73 pts or +0.89% at 4843.36.
  • Dow Jones mini up 63 pts or +0.14% at 43964, S&P 500 mini up 10 pts or +0.17% at 5968.75, NASDAQ mini up 48 pts or +0.23% at 20943.25.
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Eurostoxx 50 futures are volatile. A bearish condition remains intact and yesterday’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. A key short-term support has been defined at 5724.25, Nov 4 low. Price is trading above both the 20- and 50-day EMAs and this week’s gains have resulted in a breach of the bull trigger at 5927.25, Oct 17 high. Clearance of this level confirms a resumption of the primary uptrend and opens the 6000.0 psychological handle. A breach of 5724.25, the Nov 4 low is required to reinstate a bearish threat.

  • Japan's NIKKEI closed lower by 99.26 pts or -0.25% at 39381.41 and the TOPIX ended 27.16 pts higher or +1% at 2743.08.
  • Elsewhere, in China the SHANGHAI closed higher by 86.855 pts or +2.57% at 3470.661 and the HANG SENG ended 414.96 pts higher or +2.02% at 20953.34.
  • Across Europe, Germany's DAX trades higher by 242.95 pts or +1.28% at 19282.24, FTSE 100 higher by 10.88 pts or +0.13% at 8177.74, CAC 40 up 49.87 pts or +0.68% at 7419.48 and Euro Stoxx 50 up 42.73 pts or +0.89% at 4843.36.
  • Dow Jones mini up 63 pts or +0.14% at 43964, S&P 500 mini up 10 pts or +0.17% at 5968.75, NASDAQ mini up 48 pts or +0.23% at 20943.25.