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

EQUITIES
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Eurostoxx 50 futures traded higher this week as the contract extends the recovery since Sep 10. It is still possible that recent gains are corrective. MA studies remain in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key short-term support at 4757.00, the Sep 6 and 10 lows. Key resistance to watch is 5024.00, the Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions. A bull cycle in S&P E-Minis remains in play and last Thursday’s gains reinforce the current bullish condition. The contract has traded through a key and major resistance at 5785.00, the Jul 16 high and a bull trigger. A clear break of this hurdle would confirm a resumption of the long-term uptrend. Sights are on the 5800.00 handle next. First key support is 5608.93, the 50-day EMA. Initial support lies at 5657.35, the 20-day EMA.

  • In China the SHANGHAI closed higher by 12.104 pts or +0.44% at 2748.918 and the HANG SENG ended 11.46 pts lower or -0.06% at 18247.11.
  • Across Europe, Germany's DAX trades higher by 40.53 pts or +0.22% at 18761.48, FTSE 100 higher by 13.72 pts or +0.17% at 8243.76, CAC 40 down 33.34 pts or -0.44% at 7467.42 and Euro Stoxx 50 down 6.73 pts or -0.14% at 4865.35.
  • Dow Jones mini down 23 pts or -0.05% at 42416, S&P 500 mini down 1 pts or -0.02% at 5760, NASDAQ mini up 1.25 pts or +0.01% at 20027.75.
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Eurostoxx 50 futures traded higher this week as the contract extends the recovery since Sep 10. It is still possible that recent gains are corrective. MA studies remain in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key short-term support at 4757.00, the Sep 6 and 10 lows. Key resistance to watch is 5024.00, the Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions. A bull cycle in S&P E-Minis remains in play and last Thursday’s gains reinforce the current bullish condition. The contract has traded through a key and major resistance at 5785.00, the Jul 16 high and a bull trigger. A clear break of this hurdle would confirm a resumption of the long-term uptrend. Sights are on the 5800.00 handle next. First key support is 5608.93, the 50-day EMA. Initial support lies at 5657.35, the 20-day EMA.

  • In China the SHANGHAI closed higher by 12.104 pts or +0.44% at 2748.918 and the HANG SENG ended 11.46 pts lower or -0.06% at 18247.11.
  • Across Europe, Germany's DAX trades higher by 40.53 pts or +0.22% at 18761.48, FTSE 100 higher by 13.72 pts or +0.17% at 8243.76, CAC 40 down 33.34 pts or -0.44% at 7467.42 and Euro Stoxx 50 down 6.73 pts or -0.14% at 4865.35.
  • Dow Jones mini down 23 pts or -0.05% at 42416, S&P 500 mini down 1 pts or -0.02% at 5760, NASDAQ mini up 1.25 pts or +0.01% at 20027.75.