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EQUITIES: Recent Weakness in E-Mini S&P Strengthens a Bearish Threat

EQUITIES
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A sharp reversal lower in the Eurostoxx 50 futures contract on Monday signals the end of the recent bull run - for now - and the start of a corrective cycle. Price gapped lower and traded through the 20-day EMA, at 5159.26. A continuation of the bear leg would pave the way for a move towards the 50-day EMA, at 5056.82. On the upside, key resistance and the bull trigger has been defined at 5327.00, the Jan 31 high. The S&P E-Minis contract started the week on a bearish note. The gap lower Monday and a 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, today’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 278.28 pts or +0.72% at 38798.37 and the TOPIX ended 17.63 pts higher or +0.65% at 2738.02.
  • Across Europe, Germany's DAX trades lower by 23.12 pts or -0.11% at 21405.41, FTSE 100 lower by 28.2 pts or -0.33% at 8555.43, CAC 40 down 2.96 pts or -0.04% at 7852.33 and Euro Stoxx 50 up 0.17 pts or +0% at 5218.09.
  • Dow Jones mini down 120 pts or -0.27% at 44445, S&P 500 mini down 14.75 pts or -0.24% at 6008.25, NASDAQ mini down 30 pts or -0.14% at 21378.25.
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A sharp reversal lower in the Eurostoxx 50 futures contract on Monday signals the end of the recent bull run - for now - and the start of a corrective cycle. Price gapped lower and traded through the 20-day EMA, at 5159.26. A continuation of the bear leg would pave the way for a move towards the 50-day EMA, at 5056.82. On the upside, key resistance and the bull trigger has been defined at 5327.00, the Jan 31 high. The S&P E-Minis contract started the week on a bearish note. The gap lower Monday and a 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, today’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 278.28 pts or +0.72% at 38798.37 and the TOPIX ended 17.63 pts higher or +0.65% at 2738.02.
  • Across Europe, Germany's DAX trades lower by 23.12 pts or -0.11% at 21405.41, FTSE 100 lower by 28.2 pts or -0.33% at 8555.43, CAC 40 down 2.96 pts or -0.04% at 7852.33 and Euro Stoxx 50 up 0.17 pts or +0% at 5218.09.
  • Dow Jones mini down 120 pts or -0.27% at 44445, S&P 500 mini down 14.75 pts or -0.24% at 6008.25, NASDAQ mini down 30 pts or -0.14% at 21378.25.