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EQUITIES: Move Lower in E-Mini S&P Last Week Appears Corrective

EQUITIES
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Despite recent gains, a bearish condition in Eurostoxx 50 futures remains intact. The move lower last 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, Nov 6 high, where a break would highlight a reversal. The move lower last week in S&P E-Minis appears corrective. Medium-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 5826.69, 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, the Nov 11 high.   

  • Japan's NIKKEI closed lower by 422.06 pts or -1.09% at 38220.85 and the TOPIX ended 19.88 pts lower or -0.73% at 2691.76.
  • Elsewhere, in China the SHANGHAI closed lower by 6.877 pts or -0.21% at 3323.849 and the HANG SENG ended 150.27 pts higher or +0.77% at 19576.61.
  • Across Europe, Germany's DAX trades lower by 51.65 pts or -0.27% at 19161.16, FTSE 100 higher by 12.66 pts or +0.16% at 8076.71, CAC 40 down 11.78 pts or -0.16% at 7258.27 and Euro Stoxx 50 down 22.84 pts or -0.48% at 4772.01.
  • Dow Jones mini down 69 pts or -0.16% at 43499, S&P 500 mini up 2.5 pts or +0.04% at 5898.5, NASDAQ mini up 79.5 pts or +0.39% at 20571.25.
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Despite recent gains, a bearish condition in Eurostoxx 50 futures remains intact. The move lower last 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, Nov 6 high, where a break would highlight a reversal. The move lower last week in S&P E-Minis appears corrective. Medium-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 5826.69, 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, the Nov 11 high.   

  • Japan's NIKKEI closed lower by 422.06 pts or -1.09% at 38220.85 and the TOPIX ended 19.88 pts lower or -0.73% at 2691.76.
  • Elsewhere, in China the SHANGHAI closed lower by 6.877 pts or -0.21% at 3323.849 and the HANG SENG ended 150.27 pts higher or +0.77% at 19576.61.
  • Across Europe, Germany's DAX trades lower by 51.65 pts or -0.27% at 19161.16, FTSE 100 higher by 12.66 pts or +0.16% at 8076.71, CAC 40 down 11.78 pts or -0.16% at 7258.27 and Euro Stoxx 50 down 22.84 pts or -0.48% at 4772.01.
  • Dow Jones mini down 69 pts or -0.16% at 43499, S&P 500 mini up 2.5 pts or +0.04% at 5898.5, NASDAQ mini up 79.5 pts or +0.39% at 20571.25.