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EQUITIES: Stock Pullback Shallow

EQUITIES
EquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

A bull cycle in S&P E-Minis remains intact and the latest shallow pullback appears to be a correction. Recent gains reinforce a bullish theme and note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Eurostoxx 50 futures recently breached resistance at 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 pullback this week is likely a correction.

  • Japan's NIKKEI closed higher by 83.56 pts or +0.22% at 38635.62 and the TOPIX ended 10.36 pts higher or +0.39% at 2694.07.
  • Across Europe, Germany's DAX trades higher by 6.89 pts or +0.04% at 19022.86, FTSE 100 lower by 6.58 pts or -0.08% at 8275.76, CAC 40 up 41.5 pts or +0.56% at 7519.28 and Euro Stoxx 50 up 9.21 pts or +0.19% at 4930.54.
  • Dow Jones mini down 6 pts or -0.01% at 42313, S&P 500 mini up 2.75 pts or +0.05% at 5752.25, NASDAQ mini up 24 pts or +0.12% at 20013.5.
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A bull cycle in S&P E-Minis remains intact and the latest shallow pullback appears to be a correction. Recent gains reinforce a bullish theme and note that moving average studies are in a bull-mode setup, highlighting a dominant uptrend. Eurostoxx 50 futures recently breached resistance at 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 pullback this week is likely a correction.

  • Japan's NIKKEI closed higher by 83.56 pts or +0.22% at 38635.62 and the TOPIX ended 10.36 pts higher or +0.39% at 2694.07.
  • Across Europe, Germany's DAX trades higher by 6.89 pts or +0.04% at 19022.86, FTSE 100 lower by 6.58 pts or -0.08% at 8275.76, CAC 40 up 41.5 pts or +0.56% at 7519.28 and Euro Stoxx 50 up 9.21 pts or +0.19% at 4930.54.
  • Dow Jones mini down 6 pts or -0.01% at 42313, S&P 500 mini up 2.75 pts or +0.05% at 5752.25, NASDAQ mini up 24 pts or +0.12% at 20013.5.