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EQUITIES: E-Mini S&P Trading at Recent Highs, Bullish Theme Intact

EQUITIES

Eurostoxx 50 futures have traded higher this week and the pair is holding on to its latest gains. The contract pierced the 50-day EMA, at 4868.98. An extension higher would undermine the recent bearish theme and highlight a stronger reversal. This would open 4951.00 next, the Jul 31 high. For bears, a reversal lower would refocus attention on the bear trigger at 4494.00, the Aug 5 low. S&P E-Minis are trading at their recent highs and a bullish theme remains intact. Price has cleared resistance at 5600.75, the Aug 1 high and this signals scope for an extension towards key resistance and the bull trigger at 5721.25, the Jul 16 high. A break would resume the primary uptrend. On the downside, support to watch lies at 5482.67, the 50-day EMA. A clear break of it is required to instead highlight a potential bearish threat.

  • Japan's NIKKEI closed higher by 259.21 pts or +0.68% at 38211.01 and the TOPIX ended 6.54 pts higher or +0.25% at 2671.4.
  • Elsewhere, in China the SHANGHAI closed lower by 7.812 pts or -0.27% at 2848.772 and the HANG SENG ended 249.99 pts higher or +1.44% at 17641.
  • Across Europe, Germany's DAX trades higher by 39.75 pts or +0.22% at 18488.76, FTSE 100 higher by 22.13 pts or +0.27% at 8305.51, CAC 40 up 21.45 pts or +0.29% at 7546.4 and Euro Stoxx 50 up 11.77 pts or +0.24% at 4897.47.
  • Dow Jones mini up 50 pts or +0.12% at 41056, S&P 500 mini up 5 pts or +0.09% at 5646.25, NASDAQ mini up 11.5 pts or +0.06% at 19920.75.
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