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EQUITIES: Eurostoxx 50 Futures Narrow Gap to Key Support at 50-Day EMA

EQUITIES
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Eurostoxx 50 futures recently breached resistance at 5024.00, the Sep 3 high. This confirmed a resumption of the bull leg that started Aug 5 and cancels a recent bearish theme. It also suggests that the pullback last week is likely a correction. Key short-term support to watch is 4925.27, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement. Key resistance and the bull trigger is 5106.00, the Sep 30 high. A bull cycle in S&P E-Minis remains intact and the latest shallow pullback appears to have been a correction. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend and positive market sentiment. Scope is seen for a climb towards 5868.50, a Fibonacci projection, and 5900.00 further out. On the downside, initial support to watch is 5735.68, the 20-day EMA. Key support lies at 5666.17 the 50-day EMA.

  • Japan's NIKKEI closed higher by 697.12 pts or +1.8% at 39332.74 and the TOPIX ended 45.32 pts higher or +1.68% at 2739.39.
  • Across Europe, Germany's DAX trades lower by 40.59 pts or -0.21% at 19081.07, FTSE 100 lower by 4.17 pts or -0.05% at 8276.46, CAC 40 down 3.36 pts or -0.04% at 7538 and Euro Stoxx 50 down 3.36 pts or -0.07% at 4951.58.
  • Dow Jones mini down 139 pts or -0.33% at 42507, S&P 500 mini down 19.5 pts or -0.34% at 5780.5, NASDAQ mini down 78.75 pts or -0.39% at 20148.
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Eurostoxx 50 futures recently breached resistance at 5024.00, the Sep 3 high. This confirmed a resumption of the bull leg that started Aug 5 and cancels a recent bearish theme. It also suggests that the pullback last week is likely a correction. Key short-term support to watch is 4925.27, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement. Key resistance and the bull trigger is 5106.00, the Sep 30 high. A bull cycle in S&P E-Minis remains intact and the latest shallow pullback appears to have been a correction. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend and positive market sentiment. Scope is seen for a climb towards 5868.50, a Fibonacci projection, and 5900.00 further out. On the downside, initial support to watch is 5735.68, the 20-day EMA. Key support lies at 5666.17 the 50-day EMA.

  • Japan's NIKKEI closed higher by 697.12 pts or +1.8% at 39332.74 and the TOPIX ended 45.32 pts higher or +1.68% at 2739.39.
  • Across Europe, Germany's DAX trades lower by 40.59 pts or -0.21% at 19081.07, FTSE 100 lower by 4.17 pts or -0.05% at 8276.46, CAC 40 down 3.36 pts or -0.04% at 7538 and Euro Stoxx 50 down 3.36 pts or -0.07% at 4951.58.
  • Dow Jones mini down 139 pts or -0.33% at 42507, S&P 500 mini down 19.5 pts or -0.34% at 5780.5, NASDAQ mini down 78.75 pts or -0.39% at 20148.