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EQUITIES: Bear Threat in E-Mini S&P Remains Present

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the recent move down highlights a corrective phase. Despite the latest bounce, a short-term bear threat remains present - for now. Key short-term support has been defined at 4829.00, the Dec 20 low. A break of it would confirm a resumption of the bear cycle and open 4800.87, a Fibonacci retracement. Initial firm resistance is at 4939.00, the Dec 19 high. A bear threat in the S&P E-Minis contract remains present and the latest move down highlights the end of the recent Dec 20 - 26 corrective bounce. An extension lower would expose 5866.00, the Dec 20 low and a key short-term support. Clearance of this level would strengthen a bearish theme. Initial firm resistance to monitor is 6107.50, the Dec 26 high. A break of this level is required to open key resistance at 6178.75, the Dec 6 high.

  • Elsewhere, in China the SHANGHAI closed lower by 89.202 pts or -2.66% at 3262.561 and the HANG SENG ended 436.63 pts lower or -2.18% at 19623.32.
  • Across Europe, Germany's DAX trades higher by 31.1 pts or +0.16% at 19941.42, FTSE 100 higher by 4.26 pts or +0.05% at 8176.74, CAC 40 down 48.63 pts or -0.66% at 7332.73 and Euro Stoxx 50 down 21.84 pts or -0.45% at 4874.38.
  • Dow Jones mini up 146 pts or +0.34% at 43033, S&P 500 mini up 28.5 pts or +0.48% at 5965.75, NASDAQ mini up 145.25 pts or +0.68% at 21380.75.
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A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the recent move down highlights a corrective phase. Despite the latest bounce, a short-term bear threat remains present - for now. Key short-term support has been defined at 4829.00, the Dec 20 low. A break of it would confirm a resumption of the bear cycle and open 4800.87, a Fibonacci retracement. Initial firm resistance is at 4939.00, the Dec 19 high. A bear threat in the S&P E-Minis contract remains present and the latest move down highlights the end of the recent Dec 20 - 26 corrective bounce. An extension lower would expose 5866.00, the Dec 20 low and a key short-term support. Clearance of this level would strengthen a bearish theme. Initial firm resistance to monitor is 6107.50, the Dec 26 high. A break of this level is required to open key resistance at 6178.75, the Dec 6 high.

  • Elsewhere, in China the SHANGHAI closed lower by 89.202 pts or -2.66% at 3262.561 and the HANG SENG ended 436.63 pts lower or -2.18% at 19623.32.
  • Across Europe, Germany's DAX trades higher by 31.1 pts or +0.16% at 19941.42, FTSE 100 higher by 4.26 pts or +0.05% at 8176.74, CAC 40 down 48.63 pts or -0.66% at 7332.73 and Euro Stoxx 50 down 21.84 pts or -0.45% at 4874.38.
  • Dow Jones mini up 146 pts or +0.34% at 43033, S&P 500 mini up 28.5 pts or +0.48% at 5965.75, NASDAQ mini up 145.25 pts or +0.68% at 21380.75.