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EQUITIES: E-Mini S&P Remains Close to Recent Highs and Above Major Resistance

EQUITIES
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Eurostoxx 50 futures traded higher last week as the contract extended the recovery from the Sep 10 low. It is still possible that recent gains are corrective. MA studies are in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key support at 4757.00, the Sep 6 / 10 lows. Key resistance is 5024.00, the Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions. A bull cycle in S&P E-Minis remains in play and last week’s gains reinforce the current bullish condition. The contract has traded through a key and major resistance at 5785.00, the Jul 16 high and a bull trigger. A clear break of this hurdle would confirm a resumption of the long-term uptrend. Sights are on the 5800.00 handle next. First key support is 5615.51, the 50-day EMA. Initial support lies at 5668.73, the 20-day EMA.

  • Japan's NIKKEI closed higher by 216.68 pts or +0.57% at 37940.59 and the TOPIX ended 14.38 pts higher or +0.54% at 2656.73.
  • Elsewhere, in China the SHANGHAI closed higher by 114.207 pts or +4.15% at 2863.125 and the HANG SENG ended 753.45 pts higher or +4.13% at 19000.56.
  • Across Europe, Germany's DAX trades higher by 159.33 pts or +0.85% at 19006.28, FTSE 100 higher by 33.93 pts or +0.41% at 8293.72, CAC 40 up 120.19 pts or +1.6% at 7628.27 and Euro Stoxx 50 up 63.93 pts or +1.31% at 4949.5.
  • Dow Jones mini up 79 pts or +0.19% at 42583, S&P 500 mini up 14.75 pts or +0.26% at 5791.75, NASDAQ mini up 82.25 pts or +0.41% at 20164.
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Eurostoxx 50 futures traded higher last week as the contract extended the recovery from the Sep 10 low. It is still possible that recent gains are corrective. MA studies are in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key support at 4757.00, the Sep 6 / 10 lows. Key resistance is 5024.00, the Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions. A bull cycle in S&P E-Minis remains in play and last week’s gains reinforce the current bullish condition. The contract has traded through a key and major resistance at 5785.00, the Jul 16 high and a bull trigger. A clear break of this hurdle would confirm a resumption of the long-term uptrend. Sights are on the 5800.00 handle next. First key support is 5615.51, the 50-day EMA. Initial support lies at 5668.73, the 20-day EMA.

  • Japan's NIKKEI closed higher by 216.68 pts or +0.57% at 37940.59 and the TOPIX ended 14.38 pts higher or +0.54% at 2656.73.
  • Elsewhere, in China the SHANGHAI closed higher by 114.207 pts or +4.15% at 2863.125 and the HANG SENG ended 753.45 pts higher or +4.13% at 19000.56.
  • Across Europe, Germany's DAX trades higher by 159.33 pts or +0.85% at 19006.28, FTSE 100 higher by 33.93 pts or +0.41% at 8293.72, CAC 40 up 120.19 pts or +1.6% at 7628.27 and Euro Stoxx 50 up 63.93 pts or +1.31% at 4949.5.
  • Dow Jones mini up 79 pts or +0.19% at 42583, S&P 500 mini up 14.75 pts or +0.26% at 5791.75, NASDAQ mini up 82.25 pts or +0.41% at 20164.