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EQUITIES: Wednesday Rally Signals Possible Bullish Reversal for E-Mini S&P

EQUITIES
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Despite a short-term bounce, Eurostoxx 50 futures continue to trade closer to their recent lows. The latest move down has resulted in a break of both the 20- and 50-day EMAs. A resumption of the bear leg would signal scope for weakness towards 4686.53, a Fibonacci retracement point. Initial key short-term resistance has been defined at 4998.00, the Sep 3 high. First resistance is at 4867.99, the 50-day EMA. A volatile and bullish session in S&P E-Minis yesterday, highlights a possible bullish reversal and the end of the corrective cycle between Sep 3 - 6. The contract is trading above the 20- and 50-day EMAs and a continuation higher would signal scope for a climb towards 5669.75, the Sep 3 high. On the downside, a reversal lower and a breach of 5394.0.00, the Sep 6 low, would reinstate a bearish theme.

  • Japan's NIKKEI closed higher by 1213.5 pts or +3.41% at 36833.27 and the TOPIX ended 61.83 pts higher or +2.44% at 2592.5.
  • Elsewhere, in China the SHANGHAI closed lower by 4.672 pts or -0.17% at 2717.123 and the HANG SENG ended 131.68 pts higher or +0.77% at 17240.39.
  • Across Europe, Germany's DAX trades higher by 213.25 pts or +1.16% at 18544.46, FTSE 100 higher by 72.57 pts or +0.89% at 8266.67, CAC 40 up 45.73 pts or +0.62% at 7442.56 and Euro Stoxx 50 up 56.08 pts or +1.18% at 4819.66.
  • Dow Jones mini up 54 pts or +0.13% at 40960, S&P 500 mini up 8.5 pts or +0.15% at 5569.75, NASDAQ mini up 31.25 pts or +0.16% at 19302.25.
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Despite a short-term bounce, Eurostoxx 50 futures continue to trade closer to their recent lows. The latest move down has resulted in a break of both the 20- and 50-day EMAs. A resumption of the bear leg would signal scope for weakness towards 4686.53, a Fibonacci retracement point. Initial key short-term resistance has been defined at 4998.00, the Sep 3 high. First resistance is at 4867.99, the 50-day EMA. A volatile and bullish session in S&P E-Minis yesterday, highlights a possible bullish reversal and the end of the corrective cycle between Sep 3 - 6. The contract is trading above the 20- and 50-day EMAs and a continuation higher would signal scope for a climb towards 5669.75, the Sep 3 high. On the downside, a reversal lower and a breach of 5394.0.00, the Sep 6 low, would reinstate a bearish theme.

  • Japan's NIKKEI closed higher by 1213.5 pts or +3.41% at 36833.27 and the TOPIX ended 61.83 pts higher or +2.44% at 2592.5.
  • Elsewhere, in China the SHANGHAI closed lower by 4.672 pts or -0.17% at 2717.123 and the HANG SENG ended 131.68 pts higher or +0.77% at 17240.39.
  • Across Europe, Germany's DAX trades higher by 213.25 pts or +1.16% at 18544.46, FTSE 100 higher by 72.57 pts or +0.89% at 8266.67, CAC 40 up 45.73 pts or +0.62% at 7442.56 and Euro Stoxx 50 up 56.08 pts or +1.18% at 4819.66.
  • Dow Jones mini up 54 pts or +0.13% at 40960, S&P 500 mini up 8.5 pts or +0.15% at 5569.75, NASDAQ mini up 31.25 pts or +0.16% at 19302.25.