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EQUITIES: E-Mini S&P Rebounds Following Monday's Sell-Off

EQUITIES

A bear threat in Eurostoxx 50 futures remains present and the contract traded lower Monday having started the week on a bearish note. Last week’s sell-off resulted in a break of 4846.00, the Apr 19 low. The breach highlights a stronger reversal and signals scope for an extension towards 4478.81 next, a Fibonacci projection. Firm resistance is 4926.40, the 50-day EMA. First resistance is 46636.00, today’s intraday high. S&P E-Minis traded lower late last week and the contract started this week on a bearish note - Monday’s move lower marks an extension of the bear cycle.  The move down has resulted in a print below 5185.50, 76.4% of the Apr 19 - Jul 16 bear leg. A clear break of this level would open 5092.00 next, the May 2 low. Monday’s intraday high of 5345.50 marks initial resistance. The 50-day EMA, a firmer level, is at 5483.35. Gains are considered corrective - for now.

  • Japan's NIKKEI closed higher by 3217.04 pts or +10.23% at 34675.46 and the TOPIX ended 207.06 pts higher or +9.3% at 2434.21.
  • Elsewhere, in China the SHANGHAI closed higher by 6.586 pts or +0.23% at 2867.284 and the HANG SENG ended 51.02 pts lower or -0.31% at 16647.34.
  • Across Europe, Germany's DAX trades higher by 62.82 pts or +0.36% at 17402.9, FTSE 100 higher by 16.66 pts or +0.21% at 8026.42, CAC 40 down 4.89 pts or -0.07% at 7145.15 and Euro Stoxx 50 up 10.86 pts or +0.24% at 4583.45.
  • Dow Jones mini up 194 pts or +0.5% at 39039, S&P 500 mini up 41.5 pts or +0.8% at 5258, NASDAQ mini up 157 pts or +0.87% at 18165.75.
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