EQUITIES: Bullish E-Mini S&P Theme Intact, Contract Above 20-, 50-Day EMAs

• MNI: EUROZONE SEP PPI -0.1% M/M, -0.2% Y/Y (VS -0.4% M/M, -0.6% Y/Y AUG)

WTI futures are unchanged and the contract remains in a corrective cycle for now. Note that price has recently traded through the 50-day EMA, currently at $61.03. The breach of this EMA signals scope for a stronger recovery. Note too that a resistance at $62.34, the Oct 8 high, has also been pierced. A clear move through it would expose key resistance at $65.77, the Sep 26 high. First key support and the bear trigger is unchanged at $55.96, the Oct 20 low. A fresh cycle low last week in Gold highlights an extension of the bear cycle that started Oct 20. The retracement since Oct 20 has allowed an overbought trend condition to unwind. The 20-day EMA has been breached, signalling scope for a test of the 50-day EMA, at $3867.3. Clearance of this EMA would strengthen a short-term bear theme. Initial resistance is at $4161.4, the Oct 22 high.

• WTI Crude up $0.3 or +0.5% at $60.88
• Natural Gas down $0.12 or -2.65% at $4.228
• Gold spot up $38.19 or +0.97% at $3971.07
• Copper down $1.75 or -0.35% at $493.05
• Silver up $0.63 or +1.33% at $47.7921
• Platinum down $0.59 or -0.04% at $1539.74

Recent weakness in Eurostoxx 50 futures appears to have been corrective. The contract has found support ahead of the 50-day EMA, at 5571.03. Support below the EMA lies at 5555.00, the base of a bull channel drawn from the Aug 1 low. A breach of this level and the 50-day EMA, is required to highlight a stronger reversal. Sights are on resistance and the bull trigger at 5742.00, the Oct 29 high. The trend condition in S&P E-Minis is unchanged, it remains bullish and the latest pullback appears corrective. Support at the 20-day EMA, at 6803.81, has been breached. A clear break of this average signals scope for a deeper retracement and exposes the 50-day EMA at 6702.18 - a key pivot support. The bull trigger has been defined at 6953.75, the Oct 30 high. Clearance of this hurdle would confirm a resumption of the uptrend.

• Japan's NIKKEI closed lower by 1284.93 pts or -2.5% at 50212.27 and the TOPIX ended 41.85 pts lower or -1.26% at 3268.29.
• Elsewhere, in China the SHANGHAI closed higher by 9.062 pts or +0.23% at 3969.248 and the HANG SENG ended 16.99 pts lower or -0.07% at 25935.41.
• Across Europe, Germany's DAX trades lower by 157.28 pts or -0.66% at 23791.83, FTSE 100 lower by 11.07 pts or -0.11% at 9703.96, CAC 40 down 17.23 pts or -0.21% at 8050.3 and Euro Stoxx 50 down 33.89 pts or -0.6% at 5626.31.
• Dow Jones mini up 13 pts or +0.03% at 47227, S&P 500 mini down 11.25 pts or -0.17% at 6790.5, NASDAQ mini down 81 pts or -0.32% at 25494.25.