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EQUITIES: Fresh Cycle Highs for E-Mini S&P Bolsters Bullish Conditions

EQUITIES
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Eurostoxx 50 futures traded sharply lower on Oct 15. The contract has recently pierced support around the 50-day EMA, at 4947.10. 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. The contract has recovered from its recent lows. Key resistance and the bull trigger is unchanged at 5106.00, the Sep 30 high. A break of it resumes the uptrend. S&P E-Minis trend conditions are unchanged and bulls remain in the driver’s seat. Fresh cycle highs 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 5816.87, the 20-day EMA.

  • Japan's NIKKEI closed lower by 27.15 pts or -0.07% at 38954.6 and the TOPIX ended 9.07 pts lower or -0.34% at 2679.91.
  • Elsewhere, in China the SHANGHAI closed higher by 6.547 pts or +0.2% at 3268.11 and the HANG SENG ended 325.65 pts lower or -1.57% at 20478.46.
  • Across Europe, Germany's DAX trades lower by 44.72 pts or -0.23% at 19603.7, FTSE 100 higher by 27.69 pts or +0.33% at 8382.43, CAC 40 down 18.14 pts or -0.24% at 7587.41 and Euro Stoxx 50 down 8.62 pts or -0.17% at 4973.11.
  • Dow Jones mini up 28 pts or +0.06% at 43547, S&P 500 mini down 2.75 pts or -0.05% at 5903, NASDAQ mini down 36.5 pts or -0.18% at 20443.25.
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Eurostoxx 50 futures traded sharply lower on Oct 15. The contract has recently pierced support around the 50-day EMA, at 4947.10. 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. The contract has recovered from its recent lows. Key resistance and the bull trigger is unchanged at 5106.00, the Sep 30 high. A break of it resumes the uptrend. S&P E-Minis trend conditions are unchanged and bulls remain in the driver’s seat. Fresh cycle highs 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 5816.87, the 20-day EMA.

  • Japan's NIKKEI closed lower by 27.15 pts or -0.07% at 38954.6 and the TOPIX ended 9.07 pts lower or -0.34% at 2679.91.
  • Elsewhere, in China the SHANGHAI closed higher by 6.547 pts or +0.2% at 3268.11 and the HANG SENG ended 325.65 pts lower or -1.57% at 20478.46.
  • Across Europe, Germany's DAX trades lower by 44.72 pts or -0.23% at 19603.7, FTSE 100 higher by 27.69 pts or +0.33% at 8382.43, CAC 40 down 18.14 pts or -0.24% at 7587.41 and Euro Stoxx 50 down 8.62 pts or -0.17% at 4973.11.
  • Dow Jones mini up 28 pts or +0.06% at 43547, S&P 500 mini down 2.75 pts or -0.05% at 5903, NASDAQ mini down 36.5 pts or -0.18% at 20443.25.