EQUITIES: E-Mini S&P Remains Firm, Holding Onto Last Week's Gains

Eurostoxx 50 futures are holding on to their recent gains. Despite the latest recovery, a bear threat remains present. The move down between Sep 3 - 6, resulted in a move below both the 20- and 50-day EMAs. A resumption of the bear leg would signal scope for weakness towards 4686.53, a Fibonacci retracement point. First resistance is at 4864.94, the 50-day EMA. A clear break of this average would strengthen a bullish condition. S&P E-Minis remains firm. Last week’s recovery highlights a bullish reversal and the end of the corrective cycle between Sep 3 - 6. The contract is trading above the 20- and 50-day EMAs and a continuation higher would signal scope for a test of 5730.50, Sep 3 high. Clearance of this level would open 5785.00, the Jul 16 high and bull trigger. On the downside, a reversal lower and a breach of 5451.25, the Sep 6 low, would reinstate a bearish theme.

• Across Europe, Germany's DAX trades lower by 64.77 pts or -0.35% at 18635.27, FTSE 100 lower by 2.69 pts or -0.03% at 8270.94, CAC 40 up 1.96 pts or +0.03% at 7467.91 and Euro Stoxx 50 up 0.18 pts or +0% at 4844.71.
• Dow Jones mini up 60 pts or +0.14% at 41484, S&P 500 mini up 4.75 pts or +0.08% at 5633.75, NASDAQ mini down 2.5 pts or -0.01% at 19524.75.