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EQUITIES: E-Mini S&P Remains in Bear-Mode with Scope Seen for Deeper Retracement

EQUITIES
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Eurostoxx 50 futures reversed course last week and a bearish tone - a correction - remains intact for now. The move down has resulted in a break of both the 20- and 50-day EMAs. Friday’s sharp sell-off signals scope for an extension lower and sights are on 4686.53, a Fibonacci retracement point. Initial key short-term resistance has been defined at 4998.00, the Sep 3 high. First resistance is at 4880.84, the 50-day EMA. Last week’s move lower in S&P E-Minis highlighted the start of a corrective cycle. The contract remains in a bear-mode condition for now and scope is seen for a deeper retracement near-term. An extension lower would open 5330.00, 61.8% retracement of the Aug 5 - Sep 3 bull leg. Key resistance has been defined at 5669.75, the Sep 3 high. Initial firm resistance to watch is 5544.68, the 20-day EMA.

  • Japan's NIKKEI closed lower by 175.72 pts or -0.48% at 36215.75 and the TOPIX ended 17.69 pts lower or -0.68% at 2579.73.
  • Elsewhere, in China the SHANGHAI closed lower by 29.319 pts or -1.06% at 2736.488 and the HANG SENG ended 247.34 pts lower or -1.42% at 17196.96.
  • Across Europe, Germany's DAX trades higher by 90.02 pts or +0.49% at 18392.07, FTSE 100 higher by 40.5 pts or +0.5% at 8221.98, CAC 40 up 31.52 pts or +0.43% at 7383.82 and Euro Stoxx 50 up 30.74 pts or +0.65% at 4768.8.
  • Dow Jones mini up 175 pts or +0.43% at 40582, S&P 500 mini up 30.5 pts or +0.56% at 5449.5, NASDAQ mini up 142 pts or +0.77% at 18598.75.
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Eurostoxx 50 futures reversed course last week and a bearish tone - a correction - remains intact for now. The move down has resulted in a break of both the 20- and 50-day EMAs. Friday’s sharp sell-off signals scope for an extension lower and sights are on 4686.53, a Fibonacci retracement point. Initial key short-term resistance has been defined at 4998.00, the Sep 3 high. First resistance is at 4880.84, the 50-day EMA. Last week’s move lower in S&P E-Minis highlighted the start of a corrective cycle. The contract remains in a bear-mode condition for now and scope is seen for a deeper retracement near-term. An extension lower would open 5330.00, 61.8% retracement of the Aug 5 - Sep 3 bull leg. Key resistance has been defined at 5669.75, the Sep 3 high. Initial firm resistance to watch is 5544.68, the 20-day EMA.

  • Japan's NIKKEI closed lower by 175.72 pts or -0.48% at 36215.75 and the TOPIX ended 17.69 pts lower or -0.68% at 2579.73.
  • Elsewhere, in China the SHANGHAI closed lower by 29.319 pts or -1.06% at 2736.488 and the HANG SENG ended 247.34 pts lower or -1.42% at 17196.96.
  • Across Europe, Germany's DAX trades higher by 90.02 pts or +0.49% at 18392.07, FTSE 100 higher by 40.5 pts or +0.5% at 8221.98, CAC 40 up 31.52 pts or +0.43% at 7383.82 and Euro Stoxx 50 up 30.74 pts or +0.65% at 4768.8.
  • Dow Jones mini up 175 pts or +0.43% at 40582, S&P 500 mini up 30.5 pts or +0.56% at 5449.5, NASDAQ mini up 142 pts or +0.77% at 18598.75.