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EQUITIES: Eurostoxx 50 Futures Within Recent Ranges, Bear Threat Still Present

EQUITIES

Eurostoxx 50 futures continue to trade within the recent range. For now, a bear threat remains present. The contract traded sharply lower on Oct 15 and pierced the 50-day EMA, at 4949.55. 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. S&P E-Minis continue to trade below their recent highs. Short-term weakness is considered corrective and the uptrend remains intact. Price has recently traded through support at the 20-day EMA, at 5837.02, but is - for now - trading above this average once again. A clear bearish break of the EMA would open 5757.807, the 50-day EMA. For bulls, a stronger resumption of gains would refocus attention on 5961.00, a Fibonacci projection. 

  • Japan's NIKKEI closed higher by 298.15 pts or +0.77% at 38903.68 and the TOPIX ended 24.24 pts higher or +0.91% at 2682.02.
  • Elsewhere, in China the SHANGHAI closed lower by 35.791 pts or -1.08% at 3286.407 and the HANG SENG ended 101.78 pts higher or +0.49% at 20701.14.
  • Across Europe, Germany's DAX trades higher by 86.63 pts or +0.44% at 19618.51, FTSE 100 higher by 24.72 pts or +0.3% at 8310.33, CAC 40 up 44.45 pts or +0.59% at 7600.09 and Euro Stoxx 50 up 22.23 pts or +0.45% at 4991.48.
  • Dow Jones mini up 16 pts or +0.04% at 42622, S&P 500 mini up 7 pts or +0.12% at 5868.25, NASDAQ mini up 44 pts or +0.21% at 20540.75.
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