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EQUITIES: E-Mini S&P Extends Recovery From Monday's Lows

EQUITIES

A bear threat in Eurostoxx 50 futures remains present and the contract traded lower Monday having started the week on a bearish note. Last week’s sell-off resulted in a break of 4846.00, the Apr 19 low. The breach highlights a stronger reversal and signals scope for an extension towards 4478.81 next, a Fibonacci projection. Firm resistance is 4913.13, the 50-day EMA. First resistance is 4663.00, the Aug 6 high. S&P E-Minis traded lower late last week and the contract started this week on a bearish note - Monday’s move lower marks an extension of the bear cycle. The move down has resulted in a print below 5185.50, 76.4% of the Apr 19 - Jul 16 bear leg. A clear break of this level would open 5092.00 next, the May 2 low. Monday’s intraday high of 5345.50 marks initial resistance. The 50-day EMA, a firmer level, is at 5474.83. Gains are considered corrective - for now.

  • Japan's NIKKEI closed higher by 414.16 pts or +1.19% at 35089.62 and the TOPIX ended 55 pts higher or +2.26% at 2489.21.
  • Elsewhere, in China the SHANGHAI closed higher by 2.55 pts or +0.09% at 2869.834 and the HANG SENG ended 230.52 pts higher or +1.38% at 16877.86.
  • Across Europe, Germany's DAX trades higher by 127.69 pts or +0.74% at 17482.39, FTSE 100 higher by 45.03 pts or +0.56% at 8072.11, CAC 40 up 70 pts or +0.98% at 7200.04 and Euro Stoxx 50 up 46.14 pts or +1.01% at 4621.36.
  • Dow Jones mini up 225 pts or +0.57% at 39373, S&P 500 mini up 41.5 pts or +0.79% at 5308, NASDAQ mini up 178 pts or +0.98% at 18359.75.
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