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EQUITIES: E-Mini S&P Rallies to Fresh High, Back Above 20-Day EMA

EQUITIES
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Eurostoxx 50 futures are volatile but remain closer to their recent lows. Last week’s move down, resulted in a breach of 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has also been cleared. This exposes 4815.50 next, the 50.0% retracement. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break would highlight a reversal. First resistance is 4940.00, today’s intraday high. S&P E-Minis have recovered from their recent lows. A key short-term support has been defined at 5724.25, the Nov 4 low. Price is trading above both the 20- and 50-day EMAs and the continuation higher has resulted in a print above the bull trigger at 5927.25, the Oct 17 high. Clearance of this level would confirm a resumption of the primary uptrend. On the downside, a breach of 5724.25 is required to reinstate a bearish threat.

  • Japan's NIKKEI closed higher by 1005.77 pts or +2.61% at 39480.67 and the TOPIX ended 51.66 pts higher or +1.94% at 2715.92.
  • Elsewhere, in China the SHANGHAI closed lower by 3.181 pts or -0.09% at 3383.806 and the HANG SENG ended 468.59 pts lower or -2.23% at 20538.38.
  • Across Europe, Germany's DAX trades higher by 208.27 pts or +1.08% at 19466.69, FTSE 100 higher by 108.83 pts or +1.33% at 8280.52, CAC 40 up 122.37 pts or +1.65% at 7529.71 and Euro Stoxx 50 up 49.8 pts or +1.02% at 4920.29.
  • Dow Jones mini up 1114 pts or +2.63% at 43491, S&P 500 mini up 125.25 pts or +2.15% at 5937.5, NASDAQ mini up 355 pts or +1.75% at 20698.5.
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Eurostoxx 50 futures are volatile but remain closer to their recent lows. Last week’s move down, resulted in a breach of 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has also been cleared. This exposes 4815.50 next, the 50.0% retracement. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break would highlight a reversal. First resistance is 4940.00, today’s intraday high. S&P E-Minis have recovered from their recent lows. A key short-term support has been defined at 5724.25, the Nov 4 low. Price is trading above both the 20- and 50-day EMAs and the continuation higher has resulted in a print above the bull trigger at 5927.25, the Oct 17 high. Clearance of this level would confirm a resumption of the primary uptrend. On the downside, a breach of 5724.25 is required to reinstate a bearish threat.

  • Japan's NIKKEI closed higher by 1005.77 pts or +2.61% at 39480.67 and the TOPIX ended 51.66 pts higher or +1.94% at 2715.92.
  • Elsewhere, in China the SHANGHAI closed lower by 3.181 pts or -0.09% at 3383.806 and the HANG SENG ended 468.59 pts lower or -2.23% at 20538.38.
  • Across Europe, Germany's DAX trades higher by 208.27 pts or +1.08% at 19466.69, FTSE 100 higher by 108.83 pts or +1.33% at 8280.52, CAC 40 up 122.37 pts or +1.65% at 7529.71 and Euro Stoxx 50 up 49.8 pts or +1.02% at 4920.29.
  • Dow Jones mini up 1114 pts or +2.63% at 43491, S&P 500 mini up 125.25 pts or +2.15% at 5937.5, NASDAQ mini up 355 pts or +1.75% at 20698.5.