S&P E-Minis Soft Despite Recovery From Yesterday’s Low

S&P E-Minis remain soft despite the recovery from yesterday’s low. The outlook is bearish following last week’s reversal and break of a key short-term support at 3900.00, the Sep 7 low. EUROSTOXX 50 futures remain soft following the reversal last week from 3678.00, the Jun 13 high. Yesterday’s recovery from the day low is considered corrective. A resumption of weakness would refocus attention on a key short-term support at 3423.00, the Sep 5 low.

• Japan's NIKKEI closed higher by 120.77 pts or +0.44% at 27688.42 and the TOPIX ended 8.71 pts higher or +0.45% at 1947.27.
• Elsewhere, in China the SHANGHAI closed higher by 6.804 pts or +0.22% at 3122.406 and the HANG SENG ended 215.45 pts higher or +1.16% at 18781.42.
• Across Europe, Germany's DAX trades lower by 45.64 pts or -0.36% at 12758.57, FTSE 100 higher by 6.28 pts or +0.09% at 7242.5, CAC 40 down 25.8 pts or -0.43% at 6036.79 and Euro Stoxx 50 down 6.14 pts or -0.18% at 3494.02.
• Dow Jones mini down 49 pts or -0.16% at 31068, S&P 500 mini down 8.75 pts or -0.22% at 3908.5, NASDAQ mini down 37.25 pts or -0.31% at 11987.