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EQUITIES: E-Mini S&P Trend Condition Unchanged, Outlook Bullish

EQUITIES
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Eurostoxx 50 futures traded sharply lower Tuesday, reversing recent gains. The contract has pierced support around the 50-day EMA, at 4944.00. A clear break of this average would undermine a recent bullish theme and highlight a stronger reversal. This would open 4884.06, a Fibonacci retracement. Key resistance and bull trigger is unchanged at 5106.00, the Sep 30 high. A break of this level would resume the uptrend. S&P E-Minis trend conditions are unchanged and the outlook remains bullish. Recent gains confirm a resumption of the primary uptrend and maintain 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 5789.86, the 20-day EMA.

  • Japan's NIKKEI closed lower by 269.11 pts or -0.69% at 38911.19 and the TOPIX ended 2.83 pts lower or -0.11% at 2687.83.
  • Elsewhere, in China the SHANGHAI closed lower by 33.564 pts or -1.05% at 3169.384 and the HANG SENG ended 207.75 pts lower or -1.02% at 20079.1.
  • Across Europe, Germany's DAX trades higher by 140.89 pts or +0.73% at 19573.64, FTSE 100 higher by 7.86 pts or +0.09% at 8336.88, CAC 40 up 78.48 pts or +1.05% at 7570.48 and Euro Stoxx 50 up 35.68 pts or +0.73% at 4944.39.
  • Dow Jones mini down 11 pts or -0.03% at 43330, S&P 500 mini up 18.25 pts or +0.31% at 5905.25, NASDAQ mini up 127.5 pts or +0.63% at 20477.75.
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Eurostoxx 50 futures traded sharply lower Tuesday, reversing recent gains. The contract has pierced support around the 50-day EMA, at 4944.00. A clear break of this average would undermine a recent bullish theme and highlight a stronger reversal. This would open 4884.06, a Fibonacci retracement. Key resistance and bull trigger is unchanged at 5106.00, the Sep 30 high. A break of this level would resume the uptrend. S&P E-Minis trend conditions are unchanged and the outlook remains bullish. Recent gains confirm a resumption of the primary uptrend and maintain 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 5789.86, the 20-day EMA.

  • Japan's NIKKEI closed lower by 269.11 pts or -0.69% at 38911.19 and the TOPIX ended 2.83 pts lower or -0.11% at 2687.83.
  • Elsewhere, in China the SHANGHAI closed lower by 33.564 pts or -1.05% at 3169.384 and the HANG SENG ended 207.75 pts lower or -1.02% at 20079.1.
  • Across Europe, Germany's DAX trades higher by 140.89 pts or +0.73% at 19573.64, FTSE 100 higher by 7.86 pts or +0.09% at 8336.88, CAC 40 up 78.48 pts or +1.05% at 7570.48 and Euro Stoxx 50 up 35.68 pts or +0.73% at 4944.39.
  • Dow Jones mini down 11 pts or -0.03% at 43330, S&P 500 mini up 18.25 pts or +0.31% at 5905.25, NASDAQ mini up 127.5 pts or +0.63% at 20477.75.