EQUITIES: Eurostoxx 50 Futures Holding Onto Recent Gains

Eurostoxx 50 futures traded higher last week and price is holding on to its latest gains. The contract has recently pierced the 50-day EMA, at 4875.55. An extension higher would undermine the recent bearish theme and highlight a stronger reversal. Sights are on 4951.00 next, the Jul 31 high. For bears, a reversal lower would refocus attention on the bear trigger at 4494.00, the Aug 5 low. Initial support lies at 4839.22, the 20-day EMA. S&P E-Minis are in consolidation mode. A bullish theme is intact and the contract traded to a fresh cycle high Monday. Price has recently cleared 5600.75, Aug 1 high, signalling scope for an extension towards key resistance and the bull trigger at 5721.25, Jul 16 high. A break would resume the primary uptrend. Support to watch lies at 5504.86, the 50-day EMA. A clear breach of it is required to instead highlight a potential bearish threat.

• Japan's NIKKEI closed higher by 83.14 pts or +0.22% at 38371.76 and the TOPIX ended 11.32 pts higher or +0.42% at 2692.12.
• Elsewhere, in China the SHANGHAI closed lower by 11.302 pts or -0.4% at 2837.429 and the HANG SENG ended 182.22 pts lower or -1.02% at 17692.45.
• Across Europe, Germany's DAX trades higher by 113.66 pts or +0.61% at 18794.99, FTSE 100 lower by 2.75 pts or -0.03% at 8342.82, CAC 40 up 34.24 pts or +0.45% at 7600.02 and Euro Stoxx 50 up 25.17 pts or +0.51% at 4923.95.
• Dow Jones mini down 3 pts or -0.01% at 41353, S&P 500 mini up 5 pts or +0.09% at 5650, NASDAQ mini up 33 pts or +0.17% at 19686.5.