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EQUITIES: Reversal Lower for Eurostoxx 50 Futures Signals End of Recent Bull Run

EQUITIES
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A sharp reversal lower in the Eurostoxx 50 futures contract signals the end of the recent bull run - for now - and the start of a corrective cycle. Price has gapped lower and traded through the 20-day EMA, at 5152.76. A continuation lower would pave the way for a move towards the 50-day EMA, at 5050.12, the 50-day EMA. 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 has started the week on a bearish note. The gap lower today 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 6057.75, the Jan 31 low and a gap high on the daily chart. Clearance of this level would reinstate a bullish theme.

  • Japan's NIKKEI closed lower by 1052.4 pts or -2.66% at 38520.09 and the TOPIX ended 68.27 pts lower or -2.45% at 2720.39.
  • Across Europe, Germany's DAX trades lower by 376.39 pts or -1.73% at 21357.03, FTSE 100 lower by 119.96 pts or -1.38% at 8553.91, CAC 40 down 132.13 pts or -1.66% at 7817.16 and Euro Stoxx 50 down 92.27 pts or -1.75% at 5193.99.
  • Dow Jones mini down 601 pts or -1.34% at 44102, S&P 500 mini down 95.75 pts or -1.58% at 5972, NASDAQ mini down 386.25 pts or -1.79% at 21203.
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A sharp reversal lower in the Eurostoxx 50 futures contract signals the end of the recent bull run - for now - and the start of a corrective cycle. Price has gapped lower and traded through the 20-day EMA, at 5152.76. A continuation lower would pave the way for a move towards the 50-day EMA, at 5050.12, the 50-day EMA. 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 has started the week on a bearish note. The gap lower today 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 6057.75, the Jan 31 low and a gap high on the daily chart. Clearance of this level would reinstate a bullish theme.

  • Japan's NIKKEI closed lower by 1052.4 pts or -2.66% at 38520.09 and the TOPIX ended 68.27 pts lower or -2.45% at 2720.39.
  • Across Europe, Germany's DAX trades lower by 376.39 pts or -1.73% at 21357.03, FTSE 100 lower by 119.96 pts or -1.38% at 8553.91, CAC 40 down 132.13 pts or -1.66% at 7817.16 and Euro Stoxx 50 down 92.27 pts or -1.75% at 5193.99.
  • Dow Jones mini down 601 pts or -1.34% at 44102, S&P 500 mini down 95.75 pts or -1.58% at 5972, NASDAQ mini down 386.25 pts or -1.79% at 21203.