EQUITIES: E-Mini S&P Narrows Gap to Key Medium-Term Support at 6583.00

The sharp rebound in EuroStoxx 50 futures from Monday’s low is for now, considered corrective and this is allowing an extreme oversold trend condition to unwind. Key short-term resistance to watch is 5919.41, the 50-day EMA. A clear break of this average is required to signal a possible reversal. A resumption of the bear leg would open 5500.00, the Nov 21 ‘25 low. A clear breach of it would strengthen the bear cycle. A sharp bounce in S&P E-Minis on Monday and the reversal from Tuesday’s high highlights the fact that recent gains were most likely corrective. This has allowed a recent oversold trend condition to unwind. A continuation lower would open 6583.00, the Nov 21 ‘25 low and the next key medium-term support. Clearance of this level would strengthen a bearish threat. Initial firm resistance is 6878.09, the 50-day EMA.

• Japan's NIKKEI closed lower by 633.35 pts or -1.16% at 53819.61 and the TOPIX ended 20.82 pts lower or -0.57% at 3629.03.
• Elsewhere, in China the SHANGHAI closed lower by 33.655 pts or -0.82% at 4095.448 and the HANG SENG ended 251.16 pts lower or -0.98% at 25465.6.
• Across Europe, Germany's DAX trades lower by 162.51 pts or -0.69% at 23422.6, FTSE 100 lower by 50.07 pts or -0.49% at 10254.63, CAC 40 down 63.68 pts or -0.8% at 7919.56 and Euro Stoxx 50 down 35.16 pts or -0.61% at 5713.68.
• Dow Jones mini down 14 pts or -0.03% at 46709, S&P 500 mini down 1.75 pts or -0.03% at 6675.75, NASDAQ mini down 17 pts or -0.07% at 24545.