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EQUITIES: Eurostoxx 50 Futures Holding Onto This Week's Gains

EQUITIES
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Eurostoxx 50 futures have recovered from their recent lows and the contract is holding on to this week’s gains. The M/T trend direction remains up and the recent pullback is considered corrective. Support to watch is the 50-day EMA, at 5555.52. It has recently been pierced. A clear break of it would highlight a stronger short-term bear threat and suggest scope for a retracement towards 5202.00, a Fibonacci retracement. A continuation higher would open 5600. The trend condition in S&P E-Minis is bearish. Moving average studies are unchanged and remain in a bear-mode set-up highlighting a dominant downtrend. Sights are on 5483.50, a Fibonacci projection. Note that the short-term trend condition is oversold. Recent gains are considered corrective and the bounce is allowing this set-up to unwind. Firm resistance to watch is 5955.55, the 50-day EMA.

  • In China the SHANGHAI closed lower by 17.481 pts or -0.51% at 3408.948 and the HANG SENG ended 551.19 pts lower or -2.23% at 24219.95.
  • Across Europe, Germany's DAX trades lower by 30.62 pts or -0.13% at 23255.46, FTSE 100 higher by 32.34 pts or +0.37% at 8739.12, CAC 40 down 11.39 pts or -0.14% at 8158.77 and Euro Stoxx 50 up 5.32 pts or +0.1% at 5511.95.
  • Dow Jones mini up 139 pts or +0.33% at 42134, S&P 500 mini up 27 pts or +0.48% at 5705.5, NASDAQ mini up 113.75 pts or +0.58% at 19860.5.
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Eurostoxx 50 futures have recovered from their recent lows and the contract is holding on to this week’s gains. The M/T trend direction remains up and the recent pullback is considered corrective. Support to watch is the 50-day EMA, at 5555.52. It has recently been pierced. A clear break of it would highlight a stronger short-term bear threat and suggest scope for a retracement towards 5202.00, a Fibonacci retracement. A continuation higher would open 5600. The trend condition in S&P E-Minis is bearish. Moving average studies are unchanged and remain in a bear-mode set-up highlighting a dominant downtrend. Sights are on 5483.50, a Fibonacci projection. Note that the short-term trend condition is oversold. Recent gains are considered corrective and the bounce is allowing this set-up to unwind. Firm resistance to watch is 5955.55, the 50-day EMA.

  • In China the SHANGHAI closed lower by 17.481 pts or -0.51% at 3408.948 and the HANG SENG ended 551.19 pts lower or -2.23% at 24219.95.
  • Across Europe, Germany's DAX trades lower by 30.62 pts or -0.13% at 23255.46, FTSE 100 higher by 32.34 pts or +0.37% at 8739.12, CAC 40 down 11.39 pts or -0.14% at 8158.77 and Euro Stoxx 50 up 5.32 pts or +0.1% at 5511.95.
  • Dow Jones mini up 139 pts or +0.33% at 42134, S&P 500 mini up 27 pts or +0.48% at 5705.5, NASDAQ mini up 113.75 pts or +0.58% at 19860.5.