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EQUITIES: Eurostoxx 50 Futures Trading Close to Recent Lows

EQUITIES
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Eurostoxx 50 futures are trading closer to their recent lows. Last week’s move down, resulted in a breach of support at 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has also been cleared. This exposes 4815.50 next, the 50.0% retracement point. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break is required to highlight a reversal. First resistance is at 4936.69, the 20-day EMA. S&P E-Minis traded sharply lower last Thursday and the contract is trading just above its recent low. Price has cleared both the 20- and 50-day EMAs - an important short-term bearish development. The break lower signals scope for an extension and has exposed the next support at 5724.00, the Oct 2 low. Clearance of this level would open 5637.60, a Fibonacci retracement. Initial firm resistance is 5816.84, the 20-day EMA.

  • Japan's NIKKEI closed higher by 421.23 pts or +1.11% at 38474.9 and the TOPIX ended 20 pts higher or +0.76% at 2664.26.
  • Elsewhere, in China the SHANGHAI closed higher by 76.78 pts or +2.32% at 3386.987 and the HANG SENG ended 439.45 pts higher or +2.14% at 21006.97.
  • Across Europe, Germany's DAX trades higher by 63.78 pts or +0.33% at 19211.92, FTSE 100 higher by 27.74 pts or +0.34% at 8211.89, CAC 40 up 22.41 pts or +0.3% at 7393.75 and Euro Stoxx 50 up 14.04 pts or +0.29% at 4866.11.
  • Dow Jones mini up 48 pts or +0.11% at 42004, S&P 500 mini up 11 pts or +0.19% at 5754.25, NASDAQ mini up 69.75 pts or +0.35% at 20155.5.
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Eurostoxx 50 futures are trading closer to their recent lows. Last week’s move down, resulted in a breach of support at 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has also been cleared. This exposes 4815.50 next, the 50.0% retracement point. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break is required to highlight a reversal. First resistance is at 4936.69, the 20-day EMA. S&P E-Minis traded sharply lower last Thursday and the contract is trading just above its recent low. Price has cleared both the 20- and 50-day EMAs - an important short-term bearish development. The break lower signals scope for an extension and has exposed the next support at 5724.00, the Oct 2 low. Clearance of this level would open 5637.60, a Fibonacci retracement. Initial firm resistance is 5816.84, the 20-day EMA.

  • Japan's NIKKEI closed higher by 421.23 pts or +1.11% at 38474.9 and the TOPIX ended 20 pts higher or +0.76% at 2664.26.
  • Elsewhere, in China the SHANGHAI closed higher by 76.78 pts or +2.32% at 3386.987 and the HANG SENG ended 439.45 pts higher or +2.14% at 21006.97.
  • Across Europe, Germany's DAX trades higher by 63.78 pts or +0.33% at 19211.92, FTSE 100 higher by 27.74 pts or +0.34% at 8211.89, CAC 40 up 22.41 pts or +0.3% at 7393.75 and Euro Stoxx 50 up 14.04 pts or +0.29% at 4866.11.
  • Dow Jones mini up 48 pts or +0.11% at 42004, S&P 500 mini up 11 pts or +0.19% at 5754.25, NASDAQ mini up 69.75 pts or +0.35% at 20155.5.