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Stocks Undergo Short-Term Corrective Bounce

EQUITIES

The S&P E-Minis trend condition remains bearish, however, a short-term corrective cycle has unfolded following the recovery from last Wednesday’s low. The 50-day EMA has been cleared and this suggests potential for a stronger recovery towards 4175.47 next. A corrective cycle has unfolded in the EUROSTOXX 50 futures contract and price traded higher yesterday, marking a bullish start to the week. The 50-day EMA - an important short-term pivot level - has been cleared and the break suggests scope for a stronger short-term recovery.

  • Japan's NIKKEI 225 closed up 72.52 pts or +0.25% at 28614.63 and the TOPIX ended 6.35 pts higher or +0.32% at 1986.57. Elsewhere, China's SHANGHAI COMP closed up 1.743 pts or +0.05% at 3263.797 and the HANG SENG ended 35.39 pts lower or -0.18% at 19326.86.
  • Across Europe, Germany's DAX up 28.64 pts or +0.21% at 13431.28, FTSE 100 up 7.51 pts or +0.1% at 7479.96, CAC 40 up 23.8 pts or +0.38% at 6357.69 and EuroStoxx50 up 11.11 pts or +0.3% at 3657.96.
  • In US futures space, Dow Jones mini up 129 pts or +0.4% at 32523, S&P 500 mini up 17.25 pts or +0.42% at 4127, NASDAQ mini up 48 pts or +0.38% at 12789.
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