MNI China Daily Summary: Wednesday, October 16

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EQUITIES: Eurostoxx 50 Futures Pierce 50-Day EMA Following Tuesday's Sell-Off

EQUITIES
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Eurostoxx 50 futures traded sharply lower Tuesday, reversing recent gains. The contract has pierced support around the 50-day EMA, at 4944.57. 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 bull trigger is unchanged at 5106.00, the Sep 30 high. A break would resume the uptrend. A bull cycle in S&P E-Minis remains intact and Tuesday’s pullback appears to be a correction. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Sights are on 5961.00, a Fibonacci projection. Initial support to watch is 5789.86, the 20-day EMA.

  • Japan's NIKKEI closed lower by 730.25 pts or -1.83% at 39180.3 and the TOPIX ended 32.91 pts lower or -1.21% at 2690.66.
  • Elsewhere, in China the SHANGHAI closed higher by 1.656 pts or +0.05% at 3202.948 and the HANG SENG ended 31.94 pts lower or -0.16% at 20286.85.
  • Across Europe, Germany's DAX trades lower by 35.76 pts or -0.18% at 19451.91, FTSE 100 higher by 51.32 pts or +0.62% at 8300.87, CAC 40 down 47.49 pts or -0.63% at 7474.48 and Euro Stoxx 50 down 38.12 pts or -0.77% at 4908.61.
  • Dow Jones mini down 23 pts or -0.05% at 42995, S&P 500 mini down 0 pts or 0% at 5862.75, NASDAQ mini up 15.25 pts or +0.08% at 20356.75.
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Eurostoxx 50 futures traded sharply lower Tuesday, reversing recent gains. The contract has pierced support around the 50-day EMA, at 4944.57. 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 bull trigger is unchanged at 5106.00, the Sep 30 high. A break would resume the uptrend. A bull cycle in S&P E-Minis remains intact and Tuesday’s pullback appears to be a correction. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Sights are on 5961.00, a Fibonacci projection. Initial support to watch is 5789.86, the 20-day EMA.

  • Japan's NIKKEI closed lower by 730.25 pts or -1.83% at 39180.3 and the TOPIX ended 32.91 pts lower or -1.21% at 2690.66.
  • Elsewhere, in China the SHANGHAI closed higher by 1.656 pts or +0.05% at 3202.948 and the HANG SENG ended 31.94 pts lower or -0.16% at 20286.85.
  • Across Europe, Germany's DAX trades lower by 35.76 pts or -0.18% at 19451.91, FTSE 100 higher by 51.32 pts or +0.62% at 8300.87, CAC 40 down 47.49 pts or -0.63% at 7474.48 and Euro Stoxx 50 down 38.12 pts or -0.77% at 4908.61.
  • Dow Jones mini down 23 pts or -0.05% at 42995, S&P 500 mini down 0 pts or 0% at 5862.75, NASDAQ mini up 15.25 pts or +0.08% at 20356.75.