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EQUITIES: Medium-Term Trend Signals in E-Mini S&P Highlight Dominant Uptrend

EQUITIES
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A bearish condition in Eurostoxx 50 futures remains intact. A fresh cycle low this week marks a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. First resistance is at 4848.22, the 20-day EMA. The latest move lower in the S&P E-Minis contract appears corrective. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has traded through the 20-day EMA. The next key support to monitor is 5834.60, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. A resumption of gains would refocus attention on the bull trigger at 6053.25, Nov 11 high.

  • Japan's NIKKEI closed lower by 62.09 pts or -0.16% at 38352.34 and the TOPIX ended 11.74 pts lower or -0.43% at 2698.29.
  • Elsewhere, in China the SHANGHAI closed higher by 21.979 pts or +0.66% at 3367.989 and the HANG SENG ended 41.34 pts higher or +0.21% at 19705.01.
  • Across Europe, Germany's DAX trades higher by 104.32 pts or +0.55% at 19164.68, FTSE 100 higher by 19.4 pts or +0.24% at 8118.21, CAC 40 up 33.93 pts or +0.47% at 7262.25 and Euro Stoxx 50 up 27.84 pts or +0.59% at 4778.05.
  • Dow Jones mini up 116 pts or +0.27% at 43521, S&P 500 mini up 11.75 pts or +0.2% at 5951.75, NASDAQ mini up 37 pts or +0.18% at 20809.25.
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A bearish condition in Eurostoxx 50 futures remains intact. A fresh cycle low this week marks a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. First resistance is at 4848.22, the 20-day EMA. The latest move lower in the S&P E-Minis contract appears corrective. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has traded through the 20-day EMA. The next key support to monitor is 5834.60, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. A resumption of gains would refocus attention on the bull trigger at 6053.25, Nov 11 high.

  • Japan's NIKKEI closed lower by 62.09 pts or -0.16% at 38352.34 and the TOPIX ended 11.74 pts lower or -0.43% at 2698.29.
  • Elsewhere, in China the SHANGHAI closed higher by 21.979 pts or +0.66% at 3367.989 and the HANG SENG ended 41.34 pts higher or +0.21% at 19705.01.
  • Across Europe, Germany's DAX trades higher by 104.32 pts or +0.55% at 19164.68, FTSE 100 higher by 19.4 pts or +0.24% at 8118.21, CAC 40 up 33.93 pts or +0.47% at 7262.25 and Euro Stoxx 50 up 27.84 pts or +0.59% at 4778.05.
  • Dow Jones mini up 116 pts or +0.27% at 43521, S&P 500 mini up 11.75 pts or +0.2% at 5951.75, NASDAQ mini up 37 pts or +0.18% at 20809.25.