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EQUITIES: Sharp Sell-Off in E-Mini S&P Results in Breach of 20-, 50-Day EMAs

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the latest pullback highlights the potential start of a corrective cycle. Price has traded through the 50-day EMA, at 4898.37. A continuation lower would open 4819.33, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 5014.00, the Dec 9 high. A break of this hurdle would confirm a resumption of the recent uptrend. A sharp sell-off in the S&P E-Minis contract yesterday highlights a possible short-term top. The move down has resulted in a breach of both the 20- and 50-day EMAs. A continuation lower would open 5811.65, a Fibonacci retracement level. Note that support at 5921.00, the Nov 19 low, has been pierced. A clear break of this level would strengthen a bearish threat. Initial resistance is at 6011.85, the 50-day EMA.

  • Japan's NIKKEI closed lower by 268.13 pts or -0.69% at 38813.58 and the TOPIX ended 6.04 pts lower or -0.22% at 2713.83.
  • Elsewhere, in China the SHANGHAI closed lower by 12.175 pts or -0.36% at 3370.033 and the HANG SENG ended 112.04 pts lower or -0.56% at 19752.51.
  • Across Europe, Germany's DAX trades lower by 195.11 pts or -0.96% at 20047.48, FTSE 100 lower by 92.77 pts or -1.13% at 8106.35, CAC 40 down 87.54 pts or -1.19% at 7299.23 and Euro Stoxx 50 down 66.16 pts or -1.33% at 4893.08.
  • Dow Jones mini up 129 pts or +0.3% at 42452, S&P 500 mini up 25.25 pts or +0.43% at 5897.5, NASDAQ mini up 76 pts or +0.36% at 21294.75.
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A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the latest pullback highlights the potential start of a corrective cycle. Price has traded through the 50-day EMA, at 4898.37. A continuation lower would open 4819.33, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 5014.00, the Dec 9 high. A break of this hurdle would confirm a resumption of the recent uptrend. A sharp sell-off in the S&P E-Minis contract yesterday highlights a possible short-term top. The move down has resulted in a breach of both the 20- and 50-day EMAs. A continuation lower would open 5811.65, a Fibonacci retracement level. Note that support at 5921.00, the Nov 19 low, has been pierced. A clear break of this level would strengthen a bearish threat. Initial resistance is at 6011.85, the 50-day EMA.

  • Japan's NIKKEI closed lower by 268.13 pts or -0.69% at 38813.58 and the TOPIX ended 6.04 pts lower or -0.22% at 2713.83.
  • Elsewhere, in China the SHANGHAI closed lower by 12.175 pts or -0.36% at 3370.033 and the HANG SENG ended 112.04 pts lower or -0.56% at 19752.51.
  • Across Europe, Germany's DAX trades lower by 195.11 pts or -0.96% at 20047.48, FTSE 100 lower by 92.77 pts or -1.13% at 8106.35, CAC 40 down 87.54 pts or -1.19% at 7299.23 and Euro Stoxx 50 down 66.16 pts or -1.33% at 4893.08.
  • Dow Jones mini up 129 pts or +0.3% at 42452, S&P 500 mini up 25.25 pts or +0.43% at 5897.5, NASDAQ mini up 76 pts or +0.36% at 21294.75.