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EQUITIES: E-Mini S&P Narrows Gap to Key Resistance at $5730.50

EQUITIES
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Eurostoxx 50 futures have traded higher today as the contract extends the recovery that started Sep 10. It is still possible that the latest move higher is a correction. Moving average studies remain in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on the key short-term support at 4729.00, the Sep 10 low. The next resistance to watch is 4934.52, a Fibonacci retracement. S&P E-Minis traded to a fresh short-term high Wednesday and the contract maintains a firmer tone. Last week’s gains highlight a bullish reversal and the end of the Sep 3 - 6 corrective cycle. The contract is trading above the 20- and 50-day EMAs and resistance at 5730.50, the Sep 3 high, remains exposed. This level has been pierced, a clear break of it would open 5785.00, the Jul 16 high and a bull trigger. First support is 5595.52, the 50-day EMA.

  • Japan's NIKKEI closed higher by 775.16 pts or +2.13% at 37155.33 and the TOPIX ended 51.5 pts higher or +2.01% at 2616.87.
  • Elsewhere, in China the SHANGHAI closed higher by 18.741 pts or +0.69% at 2736.022 and the HANG SENG ended 353.14 pts higher or +2% at 18013.16.
  • Across Europe, Germany's DAX trades higher by 158.44 pts or +0.85% at 18870.33, FTSE 100 higher by 72.79 pts or +0.88% at 8326.47, CAC 40 up 106.71 pts or +1.43% at 7551.49 and Euro Stoxx 50 up 58.62 pts or +1.21% at 4894.07.
  • Dow Jones mini up 386 pts or +0.93% at 41912, S&P 500 mini up 76.25 pts or +1.36% at 5697, NASDAQ mini up 345.5 pts or +1.79% at 19695.5.
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Eurostoxx 50 futures have traded higher today as the contract extends the recovery that started Sep 10. It is still possible that the latest move higher is a correction. Moving average studies remain in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on the key short-term support at 4729.00, the Sep 10 low. The next resistance to watch is 4934.52, a Fibonacci retracement. S&P E-Minis traded to a fresh short-term high Wednesday and the contract maintains a firmer tone. Last week’s gains highlight a bullish reversal and the end of the Sep 3 - 6 corrective cycle. The contract is trading above the 20- and 50-day EMAs and resistance at 5730.50, the Sep 3 high, remains exposed. This level has been pierced, a clear break of it would open 5785.00, the Jul 16 high and a bull trigger. First support is 5595.52, the 50-day EMA.

  • Japan's NIKKEI closed higher by 775.16 pts or +2.13% at 37155.33 and the TOPIX ended 51.5 pts higher or +2.01% at 2616.87.
  • Elsewhere, in China the SHANGHAI closed higher by 18.741 pts or +0.69% at 2736.022 and the HANG SENG ended 353.14 pts higher or +2% at 18013.16.
  • Across Europe, Germany's DAX trades higher by 158.44 pts or +0.85% at 18870.33, FTSE 100 higher by 72.79 pts or +0.88% at 8326.47, CAC 40 up 106.71 pts or +1.43% at 7551.49 and Euro Stoxx 50 up 58.62 pts or +1.21% at 4894.07.
  • Dow Jones mini up 386 pts or +0.93% at 41912, S&P 500 mini up 76.25 pts or +1.36% at 5697, NASDAQ mini up 345.5 pts or +1.79% at 19695.5.