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EQUITIES: Bear Threat in E-Mini S&P Remains Present, Attention on $5866.00

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact. However, the recent move down continues to highlight a corrective phase and 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 to watch is at 4942.00, the Jan 2 high. A bear threat in the S&P E-Minis contract remains present. The reversal lower from the Dec 26 high, highlights the end of the recent Dec 20 - 26 corrective bounce. Attention is on 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. Clearance of this level is required to open key resistance at 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed lower by 587.49 pts or -1.47% at 39307.05 and the TOPIX ended 28.54 pts lower or -1.02% at 2756.38.
  • Elsewhere, in China the SHANGHAI closed lower by 4.507 pts or -0.14% at 3206.923 and the HANG SENG ended 71.98 pts lower or -0.36% at 19688.29.
  • Across Europe, Germany's DAX trades higher by 81.84 pts or +0.41% at 19989.21, FTSE 100 lower by 11.2 pts or -0.14% at 8212.75, CAC 40 up 47.39 pts or +0.65% at 7329.61 and Euro Stoxx 50 up 40.2 pts or +0.83% at 4911.65.
  • Dow Jones mini up 44 pts or +0.1% at 43067, S&P 500 mini up 21.5 pts or +0.36% at 6011, NASDAQ mini up 119.5 pts or +0.56% at 21636.
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A bull cycle in the Eurostoxx 50 futures contract remains intact. However, the recent move down continues to highlight a corrective phase and 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 to watch is at 4942.00, the Jan 2 high. A bear threat in the S&P E-Minis contract remains present. The reversal lower from the Dec 26 high, highlights the end of the recent Dec 20 - 26 corrective bounce. Attention is on 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. Clearance of this level is required to open key resistance at 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed lower by 587.49 pts or -1.47% at 39307.05 and the TOPIX ended 28.54 pts lower or -1.02% at 2756.38.
  • Elsewhere, in China the SHANGHAI closed lower by 4.507 pts or -0.14% at 3206.923 and the HANG SENG ended 71.98 pts lower or -0.36% at 19688.29.
  • Across Europe, Germany's DAX trades higher by 81.84 pts or +0.41% at 19989.21, FTSE 100 lower by 11.2 pts or -0.14% at 8212.75, CAC 40 up 47.39 pts or +0.65% at 7329.61 and Euro Stoxx 50 up 40.2 pts or +0.83% at 4911.65.
  • Dow Jones mini up 44 pts or +0.1% at 43067, S&P 500 mini up 21.5 pts or +0.36% at 6011, NASDAQ mini up 119.5 pts or +0.56% at 21636.