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EQUITIES: Eurostoxx 50 Futures Recover Above Support at 50-Day EMA

EQUITIES
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Eurostoxx 50 futures traded sharply lower Tuesday. The contract has pierced support around the 50-day EMA, at 4944.90. 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 unchanged at 5106.00, the Sep 30 high. A break of this level would resume the uptrend. S&P E-Minis trend conditions are unchanged and bulls remain in the driver’s seat. 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 5807.48, the 20-day EMA.

  • Japan's NIKKEI closed higher by 70.56 pts or +0.18% at 38981.75 and the TOPIX ended 1.15 pts higher or +0.04% at 2688.98.
  • Elsewhere, in China the SHANGHAI closed higher by 92.179 pts or +2.91% at 3261.563 and the HANG SENG ended 725.01 pts higher or +3.61% at 20804.11.
  • Across Europe, Germany's DAX trades higher by 40.13 pts or +0.2% at 19624.47, FTSE 100 lower by 15.92 pts or -0.19% at 8369.57, CAC 40 up 34.6 pts or +0.46% at 7618.33 and Euro Stoxx 50 up 29.15 pts or +0.59% at 4976.45.
  • Dow Jones mini up 11 pts or +0.03% at 43522, S&P 500 mini up 9 pts or +0.15% at 5896, NASDAQ mini up 72 pts or +0.35% at 20440.
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Eurostoxx 50 futures traded sharply lower Tuesday. The contract has pierced support around the 50-day EMA, at 4944.90. 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 unchanged at 5106.00, the Sep 30 high. A break of this level would resume the uptrend. S&P E-Minis trend conditions are unchanged and bulls remain in the driver’s seat. 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 5807.48, the 20-day EMA.

  • Japan's NIKKEI closed higher by 70.56 pts or +0.18% at 38981.75 and the TOPIX ended 1.15 pts higher or +0.04% at 2688.98.
  • Elsewhere, in China the SHANGHAI closed higher by 92.179 pts or +2.91% at 3261.563 and the HANG SENG ended 725.01 pts higher or +3.61% at 20804.11.
  • Across Europe, Germany's DAX trades higher by 40.13 pts or +0.2% at 19624.47, FTSE 100 lower by 15.92 pts or -0.19% at 8369.57, CAC 40 up 34.6 pts or +0.46% at 7618.33 and Euro Stoxx 50 up 29.15 pts or +0.59% at 4976.45.
  • Dow Jones mini up 11 pts or +0.03% at 43522, S&P 500 mini up 9 pts or +0.15% at 5896, NASDAQ mini up 72 pts or +0.35% at 20440.