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EQUITIES: E-Mini S&P Holds Onto Last Week's Gains

EQUITIES

Eurostoxx 50 futures traded sharply higher last week, extending the recovery that started Aug 5. The contract has traded through the 20-day EMA and attention is on resistance at the 50-day EMA, at 4866.49. A clear break of this average would undermine the recent bearish theme and highlight a stronger reversal. This would open 4951.00, the Jul 31 high. For bears, a reversal lower would refocus attention on the bear trigger at 4494.00, the Aug 5 low. S&P E-Minis traded higher last week and the contract is holding on to its gains. The rally last week resulted in a break of the 50-day EMA. This highlights a stronger reversal and signals the end of the corrective cycle between Jul 16 - Aug 5. Sights are on 5600.75, Aug 1 high. A break would set the scene for an extension towards key resistance and the bull trigger at 5721.25, the Jul 16 high. Initial support lies at 5363.8, the 50-day EMA.

  • Japan's NIKKEI closed lower by 674.05 pts or -1.77% at 37388.62 and the TOPIX ended 37.46 pts lower or -1.4% at 2641.14.
  • Elsewhere, in China the SHANGHAI closed higher by 14.244 pts or +0.49% at 2893.674 and the HANG SENG ended 139.41 pts higher or +0.8% at 17569.57.
  • Across Europe, Germany's DAX trades higher by 1.02 pts or +0.01% at 18322.41, FTSE 100 lower by 11.02 pts or -0.13% at 8300.81, CAC 40 up 8.71 pts or +0.12% at 7458.76 and Euro Stoxx 50 up 6.04 pts or +0.12% at 4846.68.
  • Dow Jones mini up 14 pts or +0.03% at 40808, S&P 500 mini down 3.75 pts or -0.07% at 5574.5, NASDAQ mini down 46.25 pts or -0.24% at 19559.25.

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