EQUITIES: Fresh Highs Keeps E-Mini S&P Bull Cycle Intact

Eurostoxx 50 futures recently traded through resistance around the 20-day EMA - a bullish development for now - and yesterday’s rally reinforces this theme. The move 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. A bull cycle in S&P E-Minis remains intact and the contract traded to a fresh cycle high yesterday. Price has breached the 6700.00 handle and this signals scope for an extension towards 6748.50, a Fibonacci projection point. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Initial support to watch lies at 6589.32, the 20-day EMA.

• Japan's NIKKEI closed lower by 257.62 pts or -0.57% at 45045.81 and the TOPIX ended 11.19 pts lower or -0.35% at 3147.68.
• Elsewhere, in China the SHANGHAI closed lower by 11.567 pts or -0.3% at 3820.089 and the HANG SENG ended 0.25 pts higher or +0% at 26545.1.
• Across Europe, Germany's DAX trades higher by 67.16 pts or +0.28% at 23740.28, FTSE 100 higher by 5.7 pts or +0.06% at 9233.61, CAC 40 up 67.32 pts or +0.86% at 7923.02 and Euro Stoxx 50 up 31.35 pts or +0.57% at 5488.5.
• Dow Jones mini up 18 pts or +0.04% at 46186, S&P 500 mini up 0.25 pts or +0% at 6635.25, NASDAQ mini up 1.5 pts or +0.01% at 24461.75.