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EQUITIES: Next Resistance for Eurostoxx 50 Futures Remains Out of Reach for Now

EQUITIES
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Eurostoxx 50 futures finished Wednesday trade well, but next resistance remains out of reach for now at the September highs. Key short-term support to watch is 4934.85, 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 the latest shallow pullback still appears to be a correction. Price is trading closer to its recent highs. MA 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 5759.36, the 20-day EMA. It has been pierced. Key support lies at 5686.59 the 50-day EMA.

  • Japan's NIKKEI closed higher by 224.91 pts or +0.57% at 39605.8 and the TOPIX ended 6.47 pts lower or -0.24% at 2706.2.
  • Across Europe, Germany's DAX trades higher by 14.28 pts or +0.07% at 19225.18, FTSE 100 lower by 10.53 pts or -0.13% at 8227.21, CAC 40 up 6.35 pts or +0.08% at 7547.1 and Euro Stoxx 50 up 0.5 pts or +0.01% at 4970.45.
  • Dow Jones mini down 34 pts or -0.08% at 42713, S&P 500 mini down 7.5 pts or -0.13% at 5821.5, NASDAQ mini down 48.5 pts or -0.24% at 20381.5.
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Eurostoxx 50 futures finished Wednesday trade well, but next resistance remains out of reach for now at the September highs. Key short-term support to watch is 4934.85, 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 the latest shallow pullback still appears to be a correction. Price is trading closer to its recent highs. MA 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 5759.36, the 20-day EMA. It has been pierced. Key support lies at 5686.59 the 50-day EMA.

  • Japan's NIKKEI closed higher by 224.91 pts or +0.57% at 39605.8 and the TOPIX ended 6.47 pts lower or -0.24% at 2706.2.
  • Across Europe, Germany's DAX trades higher by 14.28 pts or +0.07% at 19225.18, FTSE 100 lower by 10.53 pts or -0.13% at 8227.21, CAC 40 up 6.35 pts or +0.08% at 7547.1 and Euro Stoxx 50 up 0.5 pts or +0.01% at 4970.45.
  • Dow Jones mini down 34 pts or -0.08% at 42713, S&P 500 mini down 7.5 pts or -0.13% at 5821.5, NASDAQ mini down 48.5 pts or -0.24% at 20381.5.