COMMODITIES: Short-Term Gains for WTI Still Considered Technically Corrective

Short-term weakness in Eurostoxx 50 futures is considered corrective. The contract has breached the 20-day EMA, signalling scope for a deeper retracement towards support at the 50-day EMA, at 5567.19. Support below the EMA lies at 5549.50, 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. Key resistance and bull trigger is 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. Attention is on support at the 20-day EMA, at 6804.03. A clear break of this level average would signal scope for a deeper retracement and expose the 50-day EMA at 6698.11 - 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 914.14 pts or -1.74% at 51497.2 and the TOPIX ended 21.69 pts lower or -0.65% at 3310.14.
• Elsewhere, in China the SHANGHAI closed lower by 16.335 pts or -0.41% at 3960.186 and the HANG SENG ended 205.96 pts lower or -0.79% at 25952.4.
• Across Europe, Germany's DAX trades lower by 425.99 pts or -1.77% at 23708.36, FTSE 100 lower by 102.59 pts or -1.06% at 9598.75, CAC 40 down 127.82 pts or -1.58% at 7981.97 and Euro Stoxx 50 down 89.91 pts or -1.58% at 5589.34.
• Dow Jones mini down 414 pts or -0.87% at 47060, S&P 500 mini down 79 pts or -1.15% at 6803.75, NASDAQ mini down 385.5 pts or -1.48% at 25717.25.

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