Free Trial

EQUITIES: Eurostoxx 50 Futures Bounce Off Wednesday's Low

EQUITIES

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.
254 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

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.