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EQUITIES: E-Mini S&P Trading Close to Record Highs, Focus on $5961.00

EQUITIES
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Eurostoxx 50 futures are trading higher this week. Key short-term support to watch is 4943.25, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Recently, the contract  breached resistance at 5024.00, the Sep 3 high. This confirmed a resumption of the bull leg that started Aug 5 and cancels a recent bearish theme. Key resistance and bull trigger is unchanged 5106.00, the Sep 30 high. A break resumes the uptrend. A bull cycle in S&P E-Minis remains intact and Monday’s gains reinforce the current trend condition. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Sights are on 5961.00, a Fibonacci projection. Initial support to watch is 5782.19, the 20-day EMA.

  • Japan's NIKKEI closed higher by 304.75 pts or +0.77% at 39910.55 and the TOPIX ended 17.37 pts higher or +0.64% at 2723.57.
  • Elsewhere, in China the SHANGHAI closed lower by 83.031 pts or -2.53% at 3201.292 and the HANG SENG ended 774.08 pts lower or -3.67% at 20318.79.
  • Across Europe, Germany's DAX trades higher by 45 pts or +0.23% at 19553.33, FTSE 100 lower by 31.08 pts or -0.37% at 8261.31, CAC 40 down 61.81 pts or -0.81% at 7540.25 and Euro Stoxx 50 down 20.65 pts or -0.41% at 5021.24.
  • Dow Jones mini up 58 pts or +0.13% at 43422, S&P 500 mini down 5.5 pts or -0.09% at 5902.75, NASDAQ mini down 51.75 pts or -0.25% at 20567.5.
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Eurostoxx 50 futures are trading higher this week. Key short-term support to watch is 4943.25, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Recently, the contract  breached resistance at 5024.00, the Sep 3 high. This confirmed a resumption of the bull leg that started Aug 5 and cancels a recent bearish theme. Key resistance and bull trigger is unchanged 5106.00, the Sep 30 high. A break resumes the uptrend. A bull cycle in S&P E-Minis remains intact and Monday’s gains reinforce the current trend condition. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Sights are on 5961.00, a Fibonacci projection. Initial support to watch is 5782.19, the 20-day EMA.

  • Japan's NIKKEI closed higher by 304.75 pts or +0.77% at 39910.55 and the TOPIX ended 17.37 pts higher or +0.64% at 2723.57.
  • Elsewhere, in China the SHANGHAI closed lower by 83.031 pts or -2.53% at 3201.292 and the HANG SENG ended 774.08 pts lower or -3.67% at 20318.79.
  • Across Europe, Germany's DAX trades higher by 45 pts or +0.23% at 19553.33, FTSE 100 lower by 31.08 pts or -0.37% at 8261.31, CAC 40 down 61.81 pts or -0.81% at 7540.25 and Euro Stoxx 50 down 20.65 pts or -0.41% at 5021.24.
  • Dow Jones mini up 58 pts or +0.13% at 43422, S&P 500 mini down 5.5 pts or -0.09% at 5902.75, NASDAQ mini down 51.75 pts or -0.25% at 20567.5.