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EQUITIES: E-Mini S&P Holding Onto Bulk of Recent Gains, Theme Remains Bullish

EQUITIES
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A bear threat in the Eurostoxx 50 futures contract remains present and short-term gains are considered corrective - for now. A fresh cycle low last week marked a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. S&P E-Minis started the week on a bullish note with the contract extending the recovery from 5855.00, the Nov 19 low. Recent weakness appears to have been a correction. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. Sights are on the bull trigger at 6053.25, the Nov 11 high. A break would resume the uptrend. On the downside, key short-term support to watch is 5855.60, the 50-day EMA.

  • Japan's NIKKEI closed lower by 338.14 pts or -0.87% at 38442 and the TOPIX ended 26.05 pts lower or -0.96% at 2689.55.
  • Elsewhere, in China the SHANGHAI closed lower by 4.003 pts or -0.12% at 3259.757 and the HANG SENG ended 8.21 pts higher or +0.04% at 19159.2.
  • Across Europe, Germany's DAX trades lower by 109.19 pts or -0.56% at 19293.26, FTSE 100 lower by 36.85 pts or -0.44% at 8254.44, CAC 40 down 54.65 pts or -0.75% at 7202.83 and Euro Stoxx 50 down 36.75 pts or -0.77% at 4763.21.
  • Dow Jones mini down 12 pts or -0.03% at 44812, S&P 500 mini down 1 pts or -0.02% at 6005, NASDAQ mini up 3.5 pts or +0.02% at 20882.5.
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A bear threat in the Eurostoxx 50 futures contract remains present and short-term gains are considered corrective - for now. A fresh cycle low last week marked a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. S&P E-Minis started the week on a bullish note with the contract extending the recovery from 5855.00, the Nov 19 low. Recent weakness appears to have been a correction. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. Sights are on the bull trigger at 6053.25, the Nov 11 high. A break would resume the uptrend. On the downside, key short-term support to watch is 5855.60, the 50-day EMA.

  • Japan's NIKKEI closed lower by 338.14 pts or -0.87% at 38442 and the TOPIX ended 26.05 pts lower or -0.96% at 2689.55.
  • Elsewhere, in China the SHANGHAI closed lower by 4.003 pts or -0.12% at 3259.757 and the HANG SENG ended 8.21 pts higher or +0.04% at 19159.2.
  • Across Europe, Germany's DAX trades lower by 109.19 pts or -0.56% at 19293.26, FTSE 100 lower by 36.85 pts or -0.44% at 8254.44, CAC 40 down 54.65 pts or -0.75% at 7202.83 and Euro Stoxx 50 down 36.75 pts or -0.77% at 4763.21.
  • Dow Jones mini down 12 pts or -0.03% at 44812, S&P 500 mini down 1 pts or -0.02% at 6005, NASDAQ mini up 3.5 pts or +0.02% at 20882.5.