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EQUITIES: Eurostoxx 50 Futures Bounce Off Wednesday's Low

EQUITIES
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Eurostoxx 50 futures are trading closer to their recent lows. For now, a bear threat remains present. The contract traded sharply lower on Oct 15 and has pierced the 50-day EMA, at 4947.56. 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. A break of it resumes the uptrend. S&P E-Minis traded lower yesterday and the contract remains below its recent highs. Short-term weakness is considered corrective and the uptrend remains intact. Price has traded through the 20-day EMA, at 5831.56. A clear break of this EMA would signal scope for a deeper retracement towards 5745.75, the 50-day EMA. A resumption of gains would refocus attention on 5961.00, a Fibonacci projection.

  • Japan's NIKKEI closed higher by 38.43 pts or +0.1% at 38143.29 and the TOPIX ended 1.39 pts lower or -0.05% at 2635.57.
  • Elsewhere, in China the SHANGHAI closed lower by 22.541 pts or -0.68% at 3280.262 and the HANG SENG ended 270.53 pts lower or -1.3% at 20489.62.
  • Across Europe, Germany's DAX trades higher by 161.5 pts or +0.83% at 19539.21, FTSE 100 higher by 78.12 pts or +0.95% at 8336.92, CAC 40 up 66.22 pts or +0.88% at 7563.7 and Euro Stoxx 50 up 45.43 pts or +0.92% at 4967.98.
  • Dow Jones mini down 16 pts or -0.04% at 42726, S&P 500 mini up 26.5 pts or +0.45% at 5864.25, NASDAQ mini up 161.75 pts or +0.8% at 20381.5.
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Eurostoxx 50 futures are trading closer to their recent lows. For now, a bear threat remains present. The contract traded sharply lower on Oct 15 and has pierced the 50-day EMA, at 4947.56. 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. A break of it resumes the uptrend. S&P E-Minis traded lower yesterday and the contract remains below its recent highs. Short-term weakness is considered corrective and the uptrend remains intact. Price has traded through the 20-day EMA, at 5831.56. A clear break of this EMA would signal scope for a deeper retracement towards 5745.75, the 50-day EMA. A resumption of gains would refocus attention on 5961.00, a Fibonacci projection.

  • Japan's NIKKEI closed higher by 38.43 pts or +0.1% at 38143.29 and the TOPIX ended 1.39 pts lower or -0.05% at 2635.57.
  • Elsewhere, in China the SHANGHAI closed lower by 22.541 pts or -0.68% at 3280.262 and the HANG SENG ended 270.53 pts lower or -1.3% at 20489.62.
  • Across Europe, Germany's DAX trades higher by 161.5 pts or +0.83% at 19539.21, FTSE 100 higher by 78.12 pts or +0.95% at 8336.92, CAC 40 up 66.22 pts or +0.88% at 7563.7 and Euro Stoxx 50 up 45.43 pts or +0.92% at 4967.98.
  • Dow Jones mini down 16 pts or -0.04% at 42726, S&P 500 mini up 26.5 pts or +0.45% at 5864.25, NASDAQ mini up 161.75 pts or +0.8% at 20381.5.