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EQUITIES: Eurostoxx 50 Futures Fully Reverse Monday's Sell-Off

EQUITIES
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Eurostoxx 50 futures have recovered from Monday’s low. However, the sharp reversal lower earlier this week signals the end of the recent bull run - for now - and the start of a corrective cycle. Price has traded through the 20-day EMA, at 5170.66. A resumption of the bear leg would pave the way for a move towards the 50-day EMA, at 5065.54. On the upside, key resistance and the bull trigger has been defined at 5327.00, the Jan 31 high. Monday’s initial sell-off in the S&P E-Minis contract and breach of support at 5948.00, the Jan 27 low, strengthens a bearish threat and cancels - for now - a recent bullish theme. An extension down would open 5892.37, a Fibonacci retracement point. Initial resistance is at 6069.00, Tuesday’s intraday high. Gains are considered corrective, however, a stronger rally would expose key resistance at 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed higher by 33.11 pts or +0.09% at 38831.48 and the TOPIX ended 7.39 pts higher or +0.27% at 2745.41.
  • Elsewhere, in China the SHANGHAI closed lower by 21.113 pts or -0.65% at 3229.488 and the HANG SENG ended 192.87 pts lower or -0.93% at 20597.09.
  • Across Europe, Germany's DAX trades lower by 88.4 pts or -0.41% at 21417.27, FTSE 100 lower by 2.11 pts or -0.02% at 8568.67, CAC 40 down 31.12 pts or -0.39% at 7874.96 and Euro Stoxx 50 down 15.59 pts or -0.3% at 5248.84.
  • Dow Jones mini down 144 pts or -0.32% at 44553, S&P 500 mini down 40.5 pts or -0.67% at 6022.5, NASDAQ mini down 225.75 pts or -1.04% at 21443.
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Eurostoxx 50 futures have recovered from Monday’s low. However, the sharp reversal lower earlier this week signals the end of the recent bull run - for now - and the start of a corrective cycle. Price has traded through the 20-day EMA, at 5170.66. A resumption of the bear leg would pave the way for a move towards the 50-day EMA, at 5065.54. On the upside, key resistance and the bull trigger has been defined at 5327.00, the Jan 31 high. Monday’s initial sell-off in the S&P E-Minis contract and breach of support at 5948.00, the Jan 27 low, strengthens a bearish threat and cancels - for now - a recent bullish theme. An extension down would open 5892.37, a Fibonacci retracement point. Initial resistance is at 6069.00, Tuesday’s intraday high. Gains are considered corrective, however, a stronger rally would expose key resistance at 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed higher by 33.11 pts or +0.09% at 38831.48 and the TOPIX ended 7.39 pts higher or +0.27% at 2745.41.
  • Elsewhere, in China the SHANGHAI closed lower by 21.113 pts or -0.65% at 3229.488 and the HANG SENG ended 192.87 pts lower or -0.93% at 20597.09.
  • Across Europe, Germany's DAX trades lower by 88.4 pts or -0.41% at 21417.27, FTSE 100 lower by 2.11 pts or -0.02% at 8568.67, CAC 40 down 31.12 pts or -0.39% at 7874.96 and Euro Stoxx 50 down 15.59 pts or -0.3% at 5248.84.
  • Dow Jones mini down 144 pts or -0.32% at 44553, S&P 500 mini down 40.5 pts or -0.67% at 6022.5, NASDAQ mini down 225.75 pts or -1.04% at 21443.