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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 and the latest pullback appears corrective. Initial support is at 4939.33, the 50-day EMA. It has been pierced, a clear break of this EMA would undermine a bullish theme and signal scope for a deeper retracement. For bulls, resistance at 5040.00, Dec 9 high, has recently been pierced. Clearance of it would resume the bull cycle that started on Nov 21 and open 5068.13, a Fibonacci projection. A bear threat in the S&P E-Minis contract remains present and short-term gains are considered corrective - for now. The reversal from the Dec 26 high, confirmed the end of the Dec 20 - 26 correction. 5866.00, the Dec 20 low and a key short-term support, has been breached. This strengthens a bearish theme and sights are on 5784.00, the Nov 4 low and an important short-term support. Initial pivot resistance is seen at 5987.43, the 50-day EMA.

  • Japan's NIKKEI closed lower by 29.72 pts or -0.08% at 38444.58 and the TOPIX ended 8.23 pts higher or +0.31% at 2690.81.
  • Elsewhere, in China the SHANGHAI closed lower by 13.823 pts or -0.43% at 3227.117 and the HANG SENG ended 66.29 pts higher or +0.34% at 19286.07.
  • Across Europe, Germany's DAX trades higher by 93.14 pts or +0.46% at 20364.47, FTSE 100 higher by 57.16 pts or +0.7% at 8258.33, CAC 40 up 3.61 pts or +0.05% at 7427.28 and Euro Stoxx 50 up 7.78 pts or +0.16% at 4988.25.
  • Dow Jones mini up 50 pts or +0.12% at 42802, S&P 500 mini up 5 pts or +0.09% at 5887.25, NASDAQ mini up 32.5 pts or +0.16% at 20951.75.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the latest pullback appears corrective. Initial support is at 4939.33, the 50-day EMA. It has been pierced, a clear break of this EMA would undermine a bullish theme and signal scope for a deeper retracement. For bulls, resistance at 5040.00, Dec 9 high, has recently been pierced. Clearance of it would resume the bull cycle that started on Nov 21 and open 5068.13, a Fibonacci projection. A bear threat in the S&P E-Minis contract remains present and short-term gains are considered corrective - for now. The reversal from the Dec 26 high, confirmed the end of the Dec 20 - 26 correction. 5866.00, the Dec 20 low and a key short-term support, has been breached. This strengthens a bearish theme and sights are on 5784.00, the Nov 4 low and an important short-term support. Initial pivot resistance is seen at 5987.43, the 50-day EMA.

  • Japan's NIKKEI closed lower by 29.72 pts or -0.08% at 38444.58 and the TOPIX ended 8.23 pts higher or +0.31% at 2690.81.
  • Elsewhere, in China the SHANGHAI closed lower by 13.823 pts or -0.43% at 3227.117 and the HANG SENG ended 66.29 pts higher or +0.34% at 19286.07.
  • Across Europe, Germany's DAX trades higher by 93.14 pts or +0.46% at 20364.47, FTSE 100 higher by 57.16 pts or +0.7% at 8258.33, CAC 40 up 3.61 pts or +0.05% at 7427.28 and Euro Stoxx 50 up 7.78 pts or +0.16% at 4988.25.
  • Dow Jones mini up 50 pts or +0.12% at 42802, S&P 500 mini up 5 pts or +0.09% at 5887.25, NASDAQ mini up 32.5 pts or +0.16% at 20951.75.