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Stocks Mixed to Kick Off Fed Week

EQUITIES

S&P E-Minis are trading closer to last week's lows. The recent move down is - for now - considered corrective. The uptrend that started on Oct 13 remains intact, however, attention is on support at the 50-day EMA, which intersects at 3951.09. EUROSTOXX 50 futures trend conditions are bullish and the recent pullback is considered corrective - for now. Recent high prints confirmed an extension of the uptrend that started in early October and this maintains the price sequence of higher highs and higher lows.

  • Japan's NIKKEI closed lower by 58.68 pts or -0.21% at 27842.33 and the TOPIX ended 4.23 pts lower or -0.22% at 1957.33.Elsewhere, in China the SHANGHAI closed lower by 27.908 pts or -0.87% at 3179.042 and the HANG SENG ended 437.24 pts lower or -2.2% at 19463.63.
  • Across Europe, Germany's DAX trades lower by 52.38 pts or -0.36% at 14318.54, FTSE 100 lower by 15.81 pts or -0.21% at 7460.24, CAC 40 down 10.62 pts or -0.16% at 6667.58 and Euro Stoxx 50 down 16.43 pts or -0.42% at 3926.34.
  • Dow Jones mini up 31 pts or +0.09% at 33522, S&P 500 mini up 6.25 pts or +0.16% at 3941.75, NASDAQ mini up 24 pts or +0.21% at 11592.75.

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