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EQUITIES: E-Mini S&P Still Trading Below 20- and 50-Day EMAs

EQUITIES
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Eurostoxx 50 futures traded lower last week. The move down resulted in a breach of support at 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has also been cleared. This exposes 4815.50 next, the 50.0% retracement point. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break is required to highlight a reversal. Initial resistance is at 4943.50, the 20-day EMA. S&P E-Minis traded sharply lower last Thursday but the contract has found some support for now. Price has cleared both the 20- and 50-day EMAs - an important short-term bearish development. The break lower signals scope for an extension and has exposed the next support at 5724.00, the Oct 2 low. Clearance of this level would open 5637.60, a Fibonacci retracement. Initial firm resistance is 5824.59, the 20-day EMA.

  • In China the SHANGHAI closed higher by 38.193 pts or +1.17% at 3310.207 and the HANG SENG ended 61.09 pts higher or +0.3% at 20567.52.
  • Across Europe, Germany's DAX trades lower by 10.09 pts or -0.05% at 19243.88, FTSE 100 higher by 41.53 pts or +0.51% at 8219.35, CAC 40 up 14.94 pts or +0.2% at 7424.06 and Euro Stoxx 50 up 0.95 pts or +0.02% at 4878.79.
  • Dow Jones mini down 25 pts or -0.06% at 42185, S&P 500 mini up 2.5 pts or +0.04% at 5761.25, NASDAQ mini down 5.75 pts or -0.03% at 20149.75.
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Eurostoxx 50 futures traded lower last week. The move down resulted in a breach of support at 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has also been cleared. This exposes 4815.50 next, the 50.0% retracement point. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break is required to highlight a reversal. Initial resistance is at 4943.50, the 20-day EMA. S&P E-Minis traded sharply lower last Thursday but the contract has found some support for now. Price has cleared both the 20- and 50-day EMAs - an important short-term bearish development. The break lower signals scope for an extension and has exposed the next support at 5724.00, the Oct 2 low. Clearance of this level would open 5637.60, a Fibonacci retracement. Initial firm resistance is 5824.59, the 20-day EMA.

  • In China the SHANGHAI closed higher by 38.193 pts or +1.17% at 3310.207 and the HANG SENG ended 61.09 pts higher or +0.3% at 20567.52.
  • Across Europe, Germany's DAX trades lower by 10.09 pts or -0.05% at 19243.88, FTSE 100 higher by 41.53 pts or +0.51% at 8219.35, CAC 40 up 14.94 pts or +0.2% at 7424.06 and Euro Stoxx 50 up 0.95 pts or +0.02% at 4878.79.
  • Dow Jones mini down 25 pts or -0.06% at 42185, S&P 500 mini up 2.5 pts or +0.04% at 5761.25, NASDAQ mini down 5.75 pts or -0.03% at 20149.75.