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EQUITIES: Shallow Pullback in E-Mini S&P Considered Corrective

EQUITIES
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Eurostoxx 50 futures traded sharply higher last week resulting in a clear break of  5024.00, the Sep 3 high. This confirms a resumption of the bull leg that started Aug 5  and cancels a recent bearish theme. It also suggests that the latest outback is likely a correction. Scope is seen for a continuation of the trend with sights on 5138.24, a Fibonacci projection, and the 5200 handle further out. Key short-term support to watch is 4919.85, the 50-day EMA. A bull cycle in S&P E-Minis remains intact and the latest shallow pullback is considered corrective. Last week’s fresh cycle highs reinforce a bullish theme and note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Scope is seen for a climb towards 5868.50, a Fibonacci projection, and 5900.00 further out. On the downside, initial support to watch is 5723.22, the 20-day EMA. Key support lies at 5652.72, the 50-day EMA.

  • Japan's NIKKEI closed lower by 843.21 pts or -2.18% at 37808.76 and the TOPIX ended 38.82 pts lower or -1.44% at 2651.96.
  • Across Europe, Germany's DAX trades higher by 30.21 pts or +0.16% at 19243.36, FTSE 100 higher by 42.7 pts or +0.52% at 8319.09, CAC 40 up 48.67 pts or +0.64% at 7622.74 and Euro Stoxx 50 up 28.76 pts or +0.58% at 4982.91.
  • Dow Jones mini down 99 pts or -0.23% at 42380, S&P 500 mini down 5 pts or -0.09% at 5754, NASDAQ mini down 18.75 pts or -0.09% at 19954.
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Eurostoxx 50 futures traded sharply higher last week resulting in a clear break of  5024.00, the Sep 3 high. This confirms a resumption of the bull leg that started Aug 5  and cancels a recent bearish theme. It also suggests that the latest outback is likely a correction. Scope is seen for a continuation of the trend with sights on 5138.24, a Fibonacci projection, and the 5200 handle further out. Key short-term support to watch is 4919.85, the 50-day EMA. A bull cycle in S&P E-Minis remains intact and the latest shallow pullback is considered corrective. Last week’s fresh cycle highs reinforce a bullish theme and note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Scope is seen for a climb towards 5868.50, a Fibonacci projection, and 5900.00 further out. On the downside, initial support to watch is 5723.22, the 20-day EMA. Key support lies at 5652.72, the 50-day EMA.

  • Japan's NIKKEI closed lower by 843.21 pts or -2.18% at 37808.76 and the TOPIX ended 38.82 pts lower or -1.44% at 2651.96.
  • Across Europe, Germany's DAX trades higher by 30.21 pts or +0.16% at 19243.36, FTSE 100 higher by 42.7 pts or +0.52% at 8319.09, CAC 40 up 48.67 pts or +0.64% at 7622.74 and Euro Stoxx 50 up 28.76 pts or +0.58% at 4982.91.
  • Dow Jones mini down 99 pts or -0.23% at 42380, S&P 500 mini down 5 pts or -0.09% at 5754, NASDAQ mini down 18.75 pts or -0.09% at 19954.