EQUITIES: Bullish E-Mini S&P Price Action Signals End of a Corrective Cycle

Despite recent gains, EuroStoxx 50 futures are trading closer to their recent lows. A short-term bearish theme remains in play. An important support around the 50-day EMA, currently 6374.02, has recently been breached, strengthening a bear threat. A continuation lower would pave the way for a test of the 6200.00 handle and clearance of this level would open 6159.59, a Fibonacci projection. Resistance to watch is at the 50-day EMA. A strong rally in S&P E-Minis on Monday marked a bullish start to this week's session and has strengthened the likelihood of a recent reversal and the end of a corrective cycle. Note too, that a bullish engulfing candle on Sep 17, also highlights a reversal signal. A continuation higher would open 7904.00, the Aug 13 high and key medium-term bull trigger. Key support is at 7575.00, the Sep 16 low. First support lies at 7704.66, the 50-day EMA. * In China the SHANGHAI closed lower by 15.608 pts or -0.39% at 3936.52 and the HANG SENG ended 253.63 pts lower or -1.01% at 24834.12. * Across Europe, Germany's DAX trades lower by 95.43 pts or -0.37% at 25482.14, FTSE 100 higher by 11.84 pts or +0.11% at 10719.92, CAC 40 up 4.34 pts or +0.05% at 8159.26 and Euro