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

EQUITIES
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A bearish condition in Eurostoxx 50 futures remains intact and Tuesday’s extension down reinforces current conditions. The sell-off confirms a resumption of the downtrend that started Sep 30. Price has breached 4746.94, the 61.8% retracement 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, Nov high, where a break would highlight a reversal. The trend condition in S&P E-Minis remains bullish and the contract is holding on to the bulk of its recent gains. A key short-term support has been defined at 5724.25, the Nov 4 low. The latest rally resulted in a breach of the bull trigger at 5927.25, Oct 17 high, confirming a resumption of the primary uptrend. The 6000.0 psychological handle has been pierced. Sights are on 6070.16, a Fibonacci projection. Initial support is at 5927.25, the Oct 17 high.

  • Japan's NIKKEI closed lower by 654.43 pts or -1.66% at 38721.66 and the TOPIX ended 33.1 pts lower or -1.21% at 2708.42.
  • Elsewhere, in China the SHANGHAI closed higher by 17.308 pts or +0.51% at 3439.278 and the HANG SENG ended 23.43 pts lower or -0.12% at 19823.45.
  • Across Europe, Germany's DAX trades higher by 75.98 pts or +0.4% at 19108.7, FTSE 100 higher by 20.39 pts or +0.25% at 8046.02, CAC 40 up 20.08 pts or +0.28% at 7247.06 and Euro Stoxx 50 up 10.94 pts or +0.23% at 4755.63.
  • Dow Jones mini down 85 pts or -0.19% at 43990, S&P 500 mini down 4.75 pts or -0.08% at 6008.25, NASDAQ mini down 14.25 pts or -0.07% at 21175.25.
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A bearish condition in Eurostoxx 50 futures remains intact and Tuesday’s extension down reinforces current conditions. The sell-off confirms a resumption of the downtrend that started Sep 30. Price has breached 4746.94, the 61.8% retracement 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, Nov high, where a break would highlight a reversal. The trend condition in S&P E-Minis remains bullish and the contract is holding on to the bulk of its recent gains. A key short-term support has been defined at 5724.25, the Nov 4 low. The latest rally resulted in a breach of the bull trigger at 5927.25, Oct 17 high, confirming a resumption of the primary uptrend. The 6000.0 psychological handle has been pierced. Sights are on 6070.16, a Fibonacci projection. Initial support is at 5927.25, the Oct 17 high.

  • Japan's NIKKEI closed lower by 654.43 pts or -1.66% at 38721.66 and the TOPIX ended 33.1 pts lower or -1.21% at 2708.42.
  • Elsewhere, in China the SHANGHAI closed higher by 17.308 pts or +0.51% at 3439.278 and the HANG SENG ended 23.43 pts lower or -0.12% at 19823.45.
  • Across Europe, Germany's DAX trades higher by 75.98 pts or +0.4% at 19108.7, FTSE 100 higher by 20.39 pts or +0.25% at 8046.02, CAC 40 up 20.08 pts or +0.28% at 7247.06 and Euro Stoxx 50 up 10.94 pts or +0.23% at 4755.63.
  • Dow Jones mini down 85 pts or -0.19% at 43990, S&P 500 mini down 4.75 pts or -0.08% at 6008.25, NASDAQ mini down 14.25 pts or -0.07% at 21175.25.