EQUITIES: E-Mini S&P Reaches Fresh Cycle Highs Post-Fed
Eurostoxx 50 futures recently traded through resistance around the 20-day EMA - a bullish development for now. The move higher undermines a recent bearish theme and signals potential for a climb towards 5525.00, the Aug 22 high and a bull trigger. On the downside, key support has been defined at 5302.00, the Sep 2 low. Clearance of this level is required to reinstate a bearish theme. For now, Tuesday’s move down appears corrective. A bull cycle in S&P E-Minis remains intact and the contract is trading closer to its recent highs. A fresh cycle high on Tuesday reinforces current bullish conditions. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on the 6700.00 handle next and 6712.33, a Fibonacci projection. On the downside, initial support to watch is 6569.89, the 20-day EMA.
- Japan's NIKKEI closed higher by 513.05 pts or +1.15% at 45303.43 and the TOPIX ended 13.04 pts higher or +0.41% at 3158.87.
- Elsewhere, in China the SHANGHAI closed lower by 44.685 pts or -1.15% at 3831.656 and the HANG SENG ended 363.54 pts lower or -1.35% at 26544.85.
- Across Europe, Germany's DAX trades higher by 302.1 pts or +1.29% at 23659.35, FTSE 100 higher by 28.91 pts or +0.31% at 9237.42, CAC 40 up 86.21 pts or +1.11% at 7873.19 and Euro Stoxx 50 up 62.94 pts or +1.17% at 5432.64.
- Dow Jones mini up 301 pts or +0.65% at 46322, S&P 500 mini up 52.5 pts or +0.8% at 6653.75, NASDAQ mini up 242.25 pts or +1% at 24464.75.
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COMMODITIES: Moving Average Studies for Gold Remain in Bull-Mode Position
WTI futures remain in a clear bear cycle and the contract is trading closer to its recent lows. A key support at $61.99, the Jun 30 low, has been breached, strengthening a bearish theme. A continuation lower would open $57.71, the May 30 low. Key short-term resistance has been defined at $69.36, the Jul 30 high. Clearance of this level would cancel a bear theme. Initial resistance to watch is $64.00, the 50-day EMA. A bull cycle in Gold remains intact and this is highlighted by moving average studies that remain in a bull-mode position. The sideways trend that has been in place since the Apr peak appears to be a corrective phase - a pause in the uptrend. A resumption of gains would open $3439.0, the Aug 23 high. Key resistance and the bull trigger is at $3500.1, the Apr 22 low. On the downside, first support to watch lies at $3268.2, the Jul 30 low.
- WTI Crude down $0.59 or -0.93% at $62.79
- Natural Gas down $0.02 or -0.55% at $2.874
- Gold spot up $6.16 or +0.18% at $3338.61
- Copper up $0.8 or +0.18% at $454.4
- Silver up $0.04 or +0.1% at $38.053
- Platinum up $15.02 or +1.13% at $1345.32
EQUITIES: Eurostoxx 50 Futures Remain Close to Recent Highs
A bullish theme in Eurostoxx 50 futures remains intact and the contract is trading closer to its latest highs. The print above the May and July highs strengthens a bull theme and signals scope for a climb towards 5575.00, the Mar 3 high (cont) and key resistance. Moving average studies remain in a bull-mode position, highlighting an uptrend. Support to watch lies at 5349.70, the 50-day EMA. The dominant uptrend in S&P E-Minis remains intact and the contract is trading at its recent highs. Moving average studies are in a bull-mode position, highlighting a clear uptrend. A resumption of gains would pave the way for a climb towards 6523.63, a Fibonacci projection. On the downside, supports to watch are; 6399.62, the 20-day EMA, and 6275.78, the 50-day EMA.
- Japan's NIKKEI closed lower by 168.02 pts or -0.38% at 43546.29 and the TOPIX ended 4.33 pts lower or -0.14% at 3116.63.
- Elsewhere, in China the SHANGHAI closed lower by 0.739 pts or -0.02% at 3727.288 and the HANG SENG ended 53.95 pts lower or -0.21% at 25122.9.
- Across Europe, Germany's DAX trades higher by 46.78 pts or +0.19% at 24362.06, FTSE 100 higher by 15.81 pts or +0.17% at 9173.73, CAC 40 up 43.98 pts or +0.56% at 7927.86 and Euro Stoxx 50 up 24.22 pts or +0.45% at 5458.94.
- Dow Jones mini down 5 pts or -0.01% at 44981, S&P 500 mini down 6 pts or -0.09% at 6463.5, NASDAQ mini down 21.75 pts or -0.09% at 23776.75.
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