EQUITIES: S&P 500 Remains on Cusp of Bear Market

A bearish theme in S&P E-Minis remains intact and the cross is approaching its recent lows. Scope is seen for an extension towards the 4800.00 handle next. Note that moving average studies are in a bear-mode position. Eurostoxx 50 futures remain in a bear cycle following the latest impulsive sell-off and the contract is trading just above its recent lows. Monday’s move down resulted in a breach of a key support at 4699.00, the Nov 19 ‘24 low (cont).

• Japan's NIKKEI closed lower by 1298.55 pts or -3.93% at 31714.03 and the TOPIX ended 82.69 pts lower or -3.4% at 2349.33.
• Elsewhere, in China the SHANGHAI closed higher by 41.261 pts or +1.31% at 3186.81 and the HANG SENG ended 136.81 pts higher or +0.68% at 20264.49.
• Across Europe, Germany's DAX trades lower by 668.21 pts or -3.29% at 19612.07, FTSE 100 lower by 235.89 pts or -2.98% at 7675.61, CAC 40 down 210.44 pts or -2.96% at 6889.46 and Euro Stoxx 50 down 145.38 pts or -3.05% at 4628.29.
• Dow Jones mini down 265 pts or -0.7% at 37601, S&P 500 mini down 6.25 pts or -0.12% at 5012, NASDAQ mini up 47 pts or +0.27% at 17285.25.