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EQUITIES: Last Week's Gains Reinforce Bullish Conditions in E-Mini S&P

EQUITIES
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A bearish condition in Eurostoxx 50 futures remains intact and last week’s fresh cycle lows reinforce current conditions, having confirmed a resumption of the bear cycle. The contract has pierced 4815.50, the 50.0% retracement of the Aug 5 - Sep 30 bull cycle. This exposes 4757.00, the Sep 6 / 10 low and a key support. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break would highlight a reversal. Bullish conditions in S&P E-Minis remain intact and last week’s gains reinforce current conditions. A key short-term support has been defined at 5724.25, Nov 4 low. The move higher last week resulted in a breach of the bull trigger at 5927.25, Oct 17 high, confirming a resumption of the primary uptrend. The 6000.0 psychological handle has been pierced. Sights are on 6070.16, a Fibonacci projection. Initial support is at 5927.25, the Oct 17 high.

  • Japan's NIKKEI closed higher by 32.95 pts or +0.08% at 39533.32 and the TOPIX ended 2.47 pts lower or -0.09% at 2739.68.
  • Elsewhere, in China the SHANGHAI closed higher by 17.769 pts or +0.51% at 3470.066 and the HANG SENG ended 301.26 pts lower or -1.45% at 20426.93.
  • Across Europe, Germany's DAX trades higher by 217.89 pts or +1.13% at 19435.1, FTSE 100 higher by 56.18 pts or +0.7% at 8128.55, CAC 40 up 81.63 pts or +1.11% at 7419.92 and Euro Stoxx 50 up 51.72 pts or +1.08% at 4854.58.
  • Dow Jones mini up 120 pts or +0.27% at 44261, S&P 500 mini up 17.5 pts or +0.29% at 6042.5, NASDAQ mini up 67.5 pts or +0.32% at 21297.5.
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A bearish condition in Eurostoxx 50 futures remains intact and last week’s fresh cycle lows reinforce current conditions, having confirmed a resumption of the bear cycle. The contract has pierced 4815.50, the 50.0% retracement of the Aug 5 - Sep 30 bull cycle. This exposes 4757.00, the Sep 6 / 10 low and a key support. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break would highlight a reversal. Bullish conditions in S&P E-Minis remain intact and last week’s gains reinforce current conditions. A key short-term support has been defined at 5724.25, Nov 4 low. The move higher last week resulted in a breach of the bull trigger at 5927.25, Oct 17 high, confirming a resumption of the primary uptrend. The 6000.0 psychological handle has been pierced. Sights are on 6070.16, a Fibonacci projection. Initial support is at 5927.25, the Oct 17 high.

  • Japan's NIKKEI closed higher by 32.95 pts or +0.08% at 39533.32 and the TOPIX ended 2.47 pts lower or -0.09% at 2739.68.
  • Elsewhere, in China the SHANGHAI closed higher by 17.769 pts or +0.51% at 3470.066 and the HANG SENG ended 301.26 pts lower or -1.45% at 20426.93.
  • Across Europe, Germany's DAX trades higher by 217.89 pts or +1.13% at 19435.1, FTSE 100 higher by 56.18 pts or +0.7% at 8128.55, CAC 40 up 81.63 pts or +1.11% at 7419.92 and Euro Stoxx 50 up 51.72 pts or +1.08% at 4854.58.
  • Dow Jones mini up 120 pts or +0.27% at 44261, S&P 500 mini up 17.5 pts or +0.29% at 6042.5, NASDAQ mini up 67.5 pts or +0.32% at 21297.5.