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EQUITIES: Last Week's Gains Reinforce Bullish E-Mini S&P Set-Up

EQUITIES
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Eurostoxx 50 futures are holding on to their most recent gains. Key short-term support to watch is 4938.44, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Recently, the contract  breached resistance at 5024.00, the Sep 3 high. This confirmed a resumption of the bull leg that started Aug 5 and cancels a recent bearish theme. Key resistance and bull trigger is 5106.00, the Sep 30 high. A bull cycle in S&P E-Minis remains intact and last week’s gains reinforce this condition. Price has traded to fresh all-time highs, once again, confirming a resumption of the primary uptrend. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend and positive market sentiment. Sights are on 5868.50, a Fibonacci projection, and 5900.00 further out. Initial support to watch is 5768.92, the 20-day EMA. It has been pierced. Key support lies at 5693.38 the 50-day EMA.

  • In China the SHANGHAI closed higher by 66.585 pts or +2.07% at 3284.323 and the HANG SENG ended 159.11 pts lower or -0.75% at 21092.87.
  • Across Europe, Germany's DAX trades higher by 22.44 pts or +0.12% at 19397.92, FTSE 100 lower by 9.48 pts or -0.11% at 8243.97, CAC 40 down 22.76 pts or -0.3% at 7555.27 and Euro Stoxx 50 down 3.43 pts or -0.07% at 5000.49.
  • Dow Jones mini down 31 pts or -0.07% at 43112, S&P 500 mini up 4.5 pts or +0.08% at 5864.5, NASDAQ mini up 22 pts or +0.11% at 20472.75.
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Eurostoxx 50 futures are holding on to their most recent gains. Key short-term support to watch is 4938.44, the 50-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Recently, the contract  breached resistance at 5024.00, the Sep 3 high. This confirmed a resumption of the bull leg that started Aug 5 and cancels a recent bearish theme. Key resistance and bull trigger is 5106.00, the Sep 30 high. A bull cycle in S&P E-Minis remains intact and last week’s gains reinforce this condition. Price has traded to fresh all-time highs, once again, confirming a resumption of the primary uptrend. Note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend and positive market sentiment. Sights are on 5868.50, a Fibonacci projection, and 5900.00 further out. Initial support to watch is 5768.92, the 20-day EMA. It has been pierced. Key support lies at 5693.38 the 50-day EMA.

  • In China the SHANGHAI closed higher by 66.585 pts or +2.07% at 3284.323 and the HANG SENG ended 159.11 pts lower or -0.75% at 21092.87.
  • Across Europe, Germany's DAX trades higher by 22.44 pts or +0.12% at 19397.92, FTSE 100 lower by 9.48 pts or -0.11% at 8243.97, CAC 40 down 22.76 pts or -0.3% at 7555.27 and Euro Stoxx 50 down 3.43 pts or -0.07% at 5000.49.
  • Dow Jones mini down 31 pts or -0.07% at 43112, S&P 500 mini up 4.5 pts or +0.08% at 5864.5, NASDAQ mini up 22 pts or +0.11% at 20472.75.