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EQUITIES: E-Mini S&P Starts the Week on a Bullish Note, Extends Recent Recovery

EQUITIES
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A bearish theme in the Eurostoxx 50 futures contract remains intact and short-term gains are considered corrective - for now. A fresh cycle low last week marked a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. S&P E-Minis have started the week on a bullish note, extending the recovery from last Tuesday’s 5855.00 low. Recent weakness appears to have been a correction. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. Sights are on the bull trigger at 6053.25, the Nov 11 high. A break would resume the uptrend. On the downside, key short-term support to watch is 5849.44, the 50-day EMA.

  • Japan's NIKKEI closed higher by 496.29 pts or +1.3% at 38780.14 and the TOPIX ended 19.07 pts higher or +0.71% at 2715.6.
  • Elsewhere, in China the SHANGHAI closed lower by 3.432 pts or -0.11% at 3263.76 and the HANG SENG ended 78.98 pts lower or -0.41% at 19150.99.
  • Across Europe, Germany's DAX trades higher by 77.8 pts or +0.4% at 19400.1, FTSE 100 higher by 31.61 pts or +0.38% at 8293.52, CAC 40 up 36.87 pts or +0.51% at 7291.88 and Euro Stoxx 50 up 26.24 pts or +0.55% at 4815.08.
  • Dow Jones mini up 287 pts or +0.65% at 44682, S&P 500 mini up 29 pts or +0.48% at 6016, NASDAQ mini up 115.75 pts or +0.56% at 20965.75.
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A bearish theme in the Eurostoxx 50 futures contract remains intact and short-term gains are considered corrective - for now. A fresh cycle low last week marked a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. S&P E-Minis have started the week on a bullish note, extending the recovery from last Tuesday’s 5855.00 low. Recent weakness appears to have been a correction. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. Sights are on the bull trigger at 6053.25, the Nov 11 high. A break would resume the uptrend. On the downside, key short-term support to watch is 5849.44, the 50-day EMA.

  • Japan's NIKKEI closed higher by 496.29 pts or +1.3% at 38780.14 and the TOPIX ended 19.07 pts higher or +0.71% at 2715.6.
  • Elsewhere, in China the SHANGHAI closed lower by 3.432 pts or -0.11% at 3263.76 and the HANG SENG ended 78.98 pts lower or -0.41% at 19150.99.
  • Across Europe, Germany's DAX trades higher by 77.8 pts or +0.4% at 19400.1, FTSE 100 higher by 31.61 pts or +0.38% at 8293.52, CAC 40 up 36.87 pts or +0.51% at 7291.88 and Euro Stoxx 50 up 26.24 pts or +0.55% at 4815.08.
  • Dow Jones mini up 287 pts or +0.65% at 44682, S&P 500 mini up 29 pts or +0.48% at 6016, NASDAQ mini up 115.75 pts or +0.56% at 20965.75.