EQUITIES: Trend Condition in Stocks Remains Bullish
The trend condition in S&P E-Minis remains bullish and price is trading higher this week. The fresh cycle high confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on 6974.04 next, a Fibonacci projection point. Initial firm support to watch lies at 6748.48, the 20-day EMA. A pullback would be considered corrective. The trend structure in Eurostoxx 50 futures remains bullish. This week’s fresh cycle high’s reinforces a bull theme and the move higher maintains the rising price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Sights are on 5777.41, a Fibonacci projection. First support lies at 6740.59, the 20-day EMA.
- Japan's NIKKEI closed higher by 17.96 pts or +0.04% at 51325.61 and the TOPIX ended 22.55 pts higher or +0.69% at 3300.79.
- Elsewhere, in China the SHANGHAI closed lower by 29.43 pts or -0.73% at 3986.901 and the HANG SENG ended 63.45 pts lower or -0.24% at 26282.69.
- Across Europe, Germany's DAX trades higher by 75.23 pts or +0.31% at 24198.67, FTSE 100 lower by 44.59 pts or -0.46% at 9711.59, CAC 40 down 3.26 pts or -0.04% at 8197.95 and Euro Stoxx 50 up 5.73 pts or +0.1% at 5711.67.
- Dow Jones mini down 103 pts or -0.22% at 47695, S&P 500 mini down 1 pts or -0.01% at 6921.5, NASDAQ mini up 6.75 pts or +0.03% at 26267.5.
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COMMODITIES: Gold Hits Fresh Record High Just Shy of $3900
WTI futures have pulled back from their recent gains. The contract has recently breached $65.43, the Sep 2 high and this has potentially improved the S/T condition for bulls. However, the next key resistance is at $68.43, the Jul 30 high, where a break is required to signal scope for a stronger recovery. For bears, a reversal lower would refocus attention on key support at $60.85, the Aug 13 low. A break of this level would reinstate the downtrend. The trend condition in Gold is unchanged and a bull cycle remains in play. The yellow metal has started the week on a bullish note, trading to a fresh cycle high, confirming a resumption of the primary uptrend. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on $3909.4, a Fibonacci projection. On the downside, support to watch lies at $3646.3, the 20-day EMA. A pullback would be considered corrective.
EQUITIES: Bull Cycle in E-Mini S&P Intact, Key Resistance at 6756.75
Eurostoxx 50 futures maintain a bullish theme. Yesterday’s gains resulted in a breach of key resistance and the bull trigger at 5525.00, the Aug 22 high. The break confirms a resumption of the uptrend and paves the way for a climb towards 5564.82, a Fibonacci projection. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Initial firm support lies at 5442.85, the 20-day EMA. A bull cycle in S&P E-Minis remains intact. Key short-term resistance has been defined at 6756.75, the Sep 22 high where a break would resume the primary uptrend. This would open 6787.63, a Fibonacci projection. On the downside, the contract has recently pierced initial support at the 20-day EMA, currently at 6647.54. A clear breach of this average would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 6526.11.
- Japan's NIKKEI closed lower by 111.12 pts or -0.25% at 44932.63 and the TOPIX ended 6.03 pts higher or +0.19% at 3137.6.
- Elsewhere, in China the SHANGHAI closed higher by 20.245 pts or +0.52% at 3882.777 and the HANG SENG ended 232.68 pts higher or +0.87% at 26855.56.
- Across Europe, Germany's DAX trades lower by 9.43 pts or -0.04% at 23734.38, FTSE 100 lower by 22.57 pts or -0.24% at 9276.91, CAC 40 down 24.38 pts or -0.31% at 7855.23 and Euro Stoxx 50 down 7.45 pts or -0.14% at 5499.07.
- Dow Jones mini down 87 pts or -0.19% at 46527, S&P 500 mini down 9.75 pts or -0.15% at 6704, NASDAQ mini down 32.75 pts or -0.13% at 24805.5.
MNI: ITALY SEP FLASH HICP 1.8% Y/Y (VS 1.7% FCAST, 1.6% AUG)
- MNI: ITALY SEP FLASH HICP 1.8% Y/Y (VS 1.7% FCAST, 1.6% AUG)
