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EQUITIES: E-Mini S&P Extends Corrective Pullback Lower

EQUITIES
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Eurostoxx 50 futures traded lower yesterday and the contract remains soft today. This week’s pullback has resulted in a breach of the 20- and 50- day EMAs. The 50-day average lies at 4963.20 and a clear break of it would undermine the recent short-term bullish theme and signal scope for a deeper retracement. This would open 4894.90, a Fibonacci retracement. Initial resistance is seen at 5022.40, the 20-day EMA. The uptrend in S&P E-Minis remains intact, however, a corrective cycle has resulted in a pullback from the recent high of 5368.25 (May 23). The contract has traded through the 20-day EMA and this exposes a firmer support at 5208.12, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement. On the upside, a resumption of gains and a break of 5368.25, would confirm a resumption of the uptrend.      

  • Japan's NIKKEI closed lower by 502.74 pts or -1.3% at 38054.13 and the TOPIX ended 15.42 pts lower or -0.56% at 2726.2.
  • Elsewhere, in China the SHANGHAI closed lower by 19.34 pts or -0.62% at 3091.678 and the HANG SENG ended 246.82 pts lower or -1.34% at 18230.19.
  • Across Europe, Germany's DAX trades higher by 13.48 pts or +0.07% at 18486.83, FTSE 100 higher by 16.72 pts or +0.2% at 8199.48, CAC 40 up 21.69 pts or +0.27% at 7956.21 and Euro Stoxx 50 up 5.47 pts or +0.11% at 4968.69.
  • Dow Jones mini down 330 pts or -0.86% at 38196, S&P 500 mini down 23.25 pts or -0.44% at 5261, NASDAQ mini down 81.75 pts or -0.43% at 18721.25.
     
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Eurostoxx 50 futures traded lower yesterday and the contract remains soft today. This week’s pullback has resulted in a breach of the 20- and 50- day EMAs. The 50-day average lies at 4963.20 and a clear break of it would undermine the recent short-term bullish theme and signal scope for a deeper retracement. This would open 4894.90, a Fibonacci retracement. Initial resistance is seen at 5022.40, the 20-day EMA. The uptrend in S&P E-Minis remains intact, however, a corrective cycle has resulted in a pullback from the recent high of 5368.25 (May 23). The contract has traded through the 20-day EMA and this exposes a firmer support at 5208.12, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement. On the upside, a resumption of gains and a break of 5368.25, would confirm a resumption of the uptrend.      

  • Japan's NIKKEI closed lower by 502.74 pts or -1.3% at 38054.13 and the TOPIX ended 15.42 pts lower or -0.56% at 2726.2.
  • Elsewhere, in China the SHANGHAI closed lower by 19.34 pts or -0.62% at 3091.678 and the HANG SENG ended 246.82 pts lower or -1.34% at 18230.19.
  • Across Europe, Germany's DAX trades higher by 13.48 pts or +0.07% at 18486.83, FTSE 100 higher by 16.72 pts or +0.2% at 8199.48, CAC 40 up 21.69 pts or +0.27% at 7956.21 and Euro Stoxx 50 up 5.47 pts or +0.11% at 4968.69.
  • Dow Jones mini down 330 pts or -0.86% at 38196, S&P 500 mini down 23.25 pts or -0.44% at 5261, NASDAQ mini down 81.75 pts or -0.43% at 18721.25.