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EQUITIES: E-Mini S&P Trend Conditions Unchanged, Signals Remain Bullish

EQUITIES
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Eurostoxx 50 futures are unchanged. For now, a bear threat remains present. The contract traded sharply lower on Oct 15 and has recently pierced the 50-day EMA, at 4947.94. 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 the bull trigger is 5106.00, the Sep 30 high. Clearance of this level resumes the uptrend. S&P E-Minis trend conditions are unchanged and signals remain bullish. The latest move lower is considered corrective. Recent fresh cycle highs 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 5830.91, the 20-day EMA.

  • Japan's NIKKEI closed lower by 307.1 pts or -0.8% at 38104.86 and the TOPIX ended 14.51 pts lower or -0.55% at 2636.96.
  • Elsewhere, in China the SHANGHAI closed higher by 16.936 pts or +0.52% at 3302.803 and the HANG SENG ended 261.2 pts higher or +1.27% at 20760.15.
  • Across Europe, Germany's DAX trades lower by 14.16 pts or -0.07% at 19409.24, FTSE 100 lower by 11 pts or -0.13% at 8295.59, CAC 40 down 31.66 pts or -0.42% at 7503.44 and Euro Stoxx 50 down 12.18 pts or -0.25% at 4927.13.
  • Dow Jones mini down 150 pts or -0.35% at 43021, S&P 500 mini down 6.75 pts or -0.11% at 5885.75, NASDAQ mini down 45.75 pts or -0.22% at 20498.75.
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Eurostoxx 50 futures are unchanged. For now, a bear threat remains present. The contract traded sharply lower on Oct 15 and has recently pierced the 50-day EMA, at 4947.94. 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 the bull trigger is 5106.00, the Sep 30 high. Clearance of this level resumes the uptrend. S&P E-Minis trend conditions are unchanged and signals remain bullish. The latest move lower is considered corrective. Recent fresh cycle highs 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 5830.91, the 20-day EMA.

  • Japan's NIKKEI closed lower by 307.1 pts or -0.8% at 38104.86 and the TOPIX ended 14.51 pts lower or -0.55% at 2636.96.
  • Elsewhere, in China the SHANGHAI closed higher by 16.936 pts or +0.52% at 3302.803 and the HANG SENG ended 261.2 pts higher or +1.27% at 20760.15.
  • Across Europe, Germany's DAX trades lower by 14.16 pts or -0.07% at 19409.24, FTSE 100 lower by 11 pts or -0.13% at 8295.59, CAC 40 down 31.66 pts or -0.42% at 7503.44 and Euro Stoxx 50 down 12.18 pts or -0.25% at 4927.13.
  • Dow Jones mini down 150 pts or -0.35% at 43021, S&P 500 mini down 6.75 pts or -0.11% at 5885.75, NASDAQ mini down 45.75 pts or -0.22% at 20498.75.