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EQUITIES: E-Mini S&P Uptrend Intact, Contract Still Above 20-Day EMA

EQUITIES
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Eurostoxx 50 futures continue to trade within its recent range. For now, a bear threat still remains present. The contract traded sharply lower on Oct 15 and has pierced the 50-day EMA, at 4950.11. 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 unchanged at 5106.00, the Sep 30 high. S&P E-Minis continue to trade below their recent highs. However, recent S/T weakness is considered corrective and the uptrend remains intact. Price has recently traded through support at the 20-day EMA, at 5840.25, but is - for now - trading above this average once again. A clear bearish break of the EMA would open 5762.24, the 50-day EMA. For bulls, a stronger resumption of gains would refocus attention on 5961.00, a Fibonacci projection.

  • Japan's NIKKEI closed higher by 373.71 pts or +0.96% at 39277.39 and the TOPIX ended 21.7 pts higher or +0.81% at 2703.72.
  • Elsewhere, in China the SHANGHAI closed lower by 20.169 pts or -0.61% at 3266.238 and the HANG SENG ended 320.5 pts lower or -1.55% at 20380.64.
  • Across Europe, Germany's DAX trades lower by 65.7 pts or -0.34% at 19412.35, FTSE 100 lower by 30.94 pts or -0.38% at 8188.61, CAC 40 down 64.72 pts or -0.86% at 7446.55 and Euro Stoxx 50 down 31.15 pts or -0.63% at 4918.97.
  • Dow Jones mini up 29 pts or +0.07% at 42477, S&P 500 mini up 10 pts or +0.17% at 5881, NASDAQ mini up 29.5 pts or +0.14% at 20727.
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Eurostoxx 50 futures continue to trade within its recent range. For now, a bear threat still remains present. The contract traded sharply lower on Oct 15 and has pierced the 50-day EMA, at 4950.11. 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 unchanged at 5106.00, the Sep 30 high. S&P E-Minis continue to trade below their recent highs. However, recent S/T weakness is considered corrective and the uptrend remains intact. Price has recently traded through support at the 20-day EMA, at 5840.25, but is - for now - trading above this average once again. A clear bearish break of the EMA would open 5762.24, the 50-day EMA. For bulls, a stronger resumption of gains would refocus attention on 5961.00, a Fibonacci projection.

  • Japan's NIKKEI closed higher by 373.71 pts or +0.96% at 39277.39 and the TOPIX ended 21.7 pts higher or +0.81% at 2703.72.
  • Elsewhere, in China the SHANGHAI closed lower by 20.169 pts or -0.61% at 3266.238 and the HANG SENG ended 320.5 pts lower or -1.55% at 20380.64.
  • Across Europe, Germany's DAX trades lower by 65.7 pts or -0.34% at 19412.35, FTSE 100 lower by 30.94 pts or -0.38% at 8188.61, CAC 40 down 64.72 pts or -0.86% at 7446.55 and Euro Stoxx 50 down 31.15 pts or -0.63% at 4918.97.
  • Dow Jones mini up 29 pts or +0.07% at 42477, S&P 500 mini up 10 pts or +0.17% at 5881, NASDAQ mini up 29.5 pts or +0.14% at 20727.