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Short Term Gains in E-Mini S&P Deemed Corrective

EQUITIES

A bear cycle in Eurostoxx 50 futures remains in play and short-term gains are considered corrective. Price has recently pierced key support at 4187.00, the Aug 18 low and a bear trigger. A clear break of this level would strengthen bearish conditions and open 4177.40 next, a Fibonacci retracement. Key resistance has been defined at 4358.00, the Aug 30 high. Initial firm resistance is seen at 4273.90, the 20-day EMA. A bear cycle in the E-mini S&P contract remains in play and short-term gains are considered corrective - for now. Key resistance has been defined at 4597.50, the Sep 1 high where a break is required to reinstate the recent bullish theme. For bears, a stronger sell-off would signal scope for a move towards the key support and bear trigger at 4397.75, the Aug 18 low. Clearance of this support would strengthen a bearish case.


  • Japan's NIKKEI closed higher by 461.58 pts or +1.41% at 33168.1 and the TOPIX ended 26.93 pts higher or +1.13% at 2405.57.
  • Elsewhere, in China the SHANGHAI closed higher by 3.484 pts or +0.11% at 3126.551 and the HANG SENG ended 38.7 pts higher or +0.21% at 18047.92.
  • Across Europe, Germany's DAX trades lower by 25.7 pts or -0.16% at 15607.42, FTSE 100 higher by 25.12 pts or +0.33% at 7546.06, CAC 40 down 22.48 pts or -0.31% at 7192.49 and Euro Stoxx 50 down 7.72 pts or -0.18% at 4210.92.
  • Dow Jones mini up 42 pts or +0.12% at 34615, S&P 500 mini up 10.25 pts or +0.23% at 4476.5, NASDAQ mini up 44.25 pts or +0.29% at 15390.25.
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