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EQUITIES: Latest Pullback in Eurostoxx 50 Futures Appears to Be a Correction

EQUITIES
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The latest pullback in Eurostoxx 50 futures appears to be a correction. Key short-term support to watch is 4927.81, the 50-day EMA. A clear break of this average 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 the bull trigger is 5106.00, the Sep 30 high. A bull cycle in S&P E-Minis remains intact and the latest shallow pullback still appears to be a correction. Moving average studies are in a bull-mode setup, highlighting a dominant uptrend and positive market sentiment. Scope is seen for a climb towards 5868.50, a Fibonacci projection, and 5900.00 further out. Initial support  to watch is 5736.55, the 20-day EMA. It has been pierced. Key support lies at 5669.25 the 50-day EMA.

  • Japan's NIKKEI closed lower by 395.2 pts or -1% at 38937.54 and the TOPIX ended 40.24 pts lower or -1.47% at 2699.15.
  • Elsewhere, in China the SHANGHAI closed higher by 153.278 pts or +4.59% at 3489.775 and the HANG SENG ended 2172.99 pts lower or -9.41% at 20926.79.
  • Across Europe, Germany's DAX trades lower by 141 pts or -0.74% at 18964.29, FTSE 100 lower by 105.32 pts or -1.27% at 8198.4, CAC 40 down 85.58 pts or -1.13% at 7490.59 and Euro Stoxx 50 down 49.04 pts or -0.99% at 4920.67.
  • Dow Jones mini down 17 pts or -0.04% at 42228, S&P 500 mini up 6.5 pts or +0.11% at 5751, NASDAQ mini up 16.25 pts or +0.08% at 20006.75.
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The latest pullback in Eurostoxx 50 futures appears to be a correction. Key short-term support to watch is 4927.81, the 50-day EMA. A clear break of this average 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 the bull trigger is 5106.00, the Sep 30 high. A bull cycle in S&P E-Minis remains intact and the latest shallow pullback still appears to be a correction. Moving average studies are in a bull-mode setup, highlighting a dominant uptrend and positive market sentiment. Scope is seen for a climb towards 5868.50, a Fibonacci projection, and 5900.00 further out. Initial support  to watch is 5736.55, the 20-day EMA. It has been pierced. Key support lies at 5669.25 the 50-day EMA.

  • Japan's NIKKEI closed lower by 395.2 pts or -1% at 38937.54 and the TOPIX ended 40.24 pts lower or -1.47% at 2699.15.
  • Elsewhere, in China the SHANGHAI closed higher by 153.278 pts or +4.59% at 3489.775 and the HANG SENG ended 2172.99 pts lower or -9.41% at 20926.79.
  • Across Europe, Germany's DAX trades lower by 141 pts or -0.74% at 18964.29, FTSE 100 lower by 105.32 pts or -1.27% at 8198.4, CAC 40 down 85.58 pts or -1.13% at 7490.59 and Euro Stoxx 50 down 49.04 pts or -0.99% at 4920.67.
  • Dow Jones mini down 17 pts or -0.04% at 42228, S&P 500 mini up 6.5 pts or +0.11% at 5751, NASDAQ mini up 16.25 pts or +0.08% at 20006.75.