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EQUITIES: Short-Term Weakness in E-Mini S&P Considered Corrective

EQUITIES
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Eurostoxx 50 futures have traded lower this week. Yesterday’s sell-off resulted in a breach of support at 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has been pierced. A clear break of it would signal scope for an extension towards 4815.50, the 50.0% retracement point. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break is required to highlight a reversal. S&P E-Minis continue to trade below their recent highs. Short-term weakness is - for now - considered corrective and the uptrend remains intact. Price has again traded through support at the 20-day EMA, at 5841.37. A clear breach of this EMA would open 5765.76, the 50-day EMA. For bulls, a stronger resumption of gains would refocus attention on 5961.00, a Fibonacci projection. The bull trigger is at 5927.25, the Oct 17 high.

  • Japan's NIKKEI closed lower by 196.14 pts or -0.5% at 39081.25 and the TOPIX ended 8.21 pts lower or -0.3% at 2695.51.
  • Elsewhere, in China the SHANGHAI closed higher by 13.586 pts or +0.42% at 3279.824 and the HANG SENG ended 63.31 pts lower or -0.31% at 20317.33.
  • Across Europe, Germany's DAX trades lower by 114.26 pts or -0.59% at 19142.26, FTSE 100 lower by 51.52 pts or -0.63% at 8108.52, CAC 40 down 51.83 pts or -0.7% at 7376.53 and Euro Stoxx 50 down 38.28 pts or -0.78% at 4847.47.
  • Dow Jones mini down 196 pts or -0.46% at 42167, S&P 500 mini down 44.5 pts or -0.76% at 5807.5, NASDAQ mini down 212.5 pts or -1.03% at 20323.75.
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Eurostoxx 50 futures have traded lower this week. Yesterday’s sell-off resulted in a breach of support at 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has been pierced. A clear break of it would signal scope for an extension towards 4815.50, the 50.0% retracement point. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break is required to highlight a reversal. S&P E-Minis continue to trade below their recent highs. Short-term weakness is - for now - considered corrective and the uptrend remains intact. Price has again traded through support at the 20-day EMA, at 5841.37. A clear breach of this EMA would open 5765.76, the 50-day EMA. For bulls, a stronger resumption of gains would refocus attention on 5961.00, a Fibonacci projection. The bull trigger is at 5927.25, the Oct 17 high.

  • Japan's NIKKEI closed lower by 196.14 pts or -0.5% at 39081.25 and the TOPIX ended 8.21 pts lower or -0.3% at 2695.51.
  • Elsewhere, in China the SHANGHAI closed higher by 13.586 pts or +0.42% at 3279.824 and the HANG SENG ended 63.31 pts lower or -0.31% at 20317.33.
  • Across Europe, Germany's DAX trades lower by 114.26 pts or -0.59% at 19142.26, FTSE 100 lower by 51.52 pts or -0.63% at 8108.52, CAC 40 down 51.83 pts or -0.7% at 7376.53 and Euro Stoxx 50 down 38.28 pts or -0.78% at 4847.47.
  • Dow Jones mini down 196 pts or -0.46% at 42167, S&P 500 mini down 44.5 pts or -0.76% at 5807.5, NASDAQ mini down 212.5 pts or -1.03% at 20323.75.