Broad Uptrend in E-Mini S&P Intact Following Thursday's Gains

Eurostoxx 50 futures remain firm and the contract is holding on to this week’s gains. Key resistance at the Dec 14 high has recently been cleared. The break confirms a resumption of the medium-term uptrend and sights are on the 4700.00 handle next. Initial firm support lies at 4569.00, the 20-day EMA. Key trend support has been defined at 4402.00, the Jan 17 low. A short-term pullback would be considered corrective. A broader uptrend in S&P E-Minis remains intact and the latest pullback has proved to be a correction. This week’s fresh cycle highs, reinforce current trend conditions. Note too that moving average studies remain in a bull-mode condition, highlighting positive market sentiment. A resumption of gains would open 4982.62 next, a Fibonacci projection. Initial support to watch lies at 4862.80, the 20-day EMA. Key support is 4764.36, the 50-day EMA.

• Japan's NIKKEI closed higher by 146.56 pts or +0.41% at 36158.02 and the TOPIX ended 5.64 pts higher or +0.22% at 2539.68.
• Elsewhere, in China the SHANGHAI closed lower by 40.588 pts or -1.46% at 2730.152 and the HANG SENG ended 32.65 pts lower or -0.21% at 15533.56.
• Across Europe, Germany's DAX trades higher by 116.88 pts or +0.69% at 16975.63, FTSE 100 higher by 37.91 pts or +0.5% at 7659.66, CAC 40 up 39.22 pts or +0.52% at 7627.97 and Euro Stoxx 50 up 26.42 pts or +0.57% at 4665.02.
• Dow Jones mini down 11 pts or -0.03% at 38614, S&P 500 mini up 25.5 pts or +0.52% at 4954, NASDAQ mini up 174.5 pts or +1% at 17612.25.