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EQUITIES: Bull Cycle in Eurostoxx 50 Futures Contract Remains Intact

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 and a short-term bear threat remains present - for now. Price has traded through the 50-day EMA, at 4920.51. The Dec 20 initial sell-off resulted in a print below 4846.57, 61.8% of the Nov 21 - Dec 9 bull cycle. This opens 4800.87, the 76.4% retracement. Initial resistance is at 4929.26, the 20-day EMA. A sell-off in the S&P E-Minis contract on Dec 18 highlights a S/T top and a corrective cycle. The move down resulted in a breach of the 20- and 50-day EMAs. A resumption of weakness would open 5811.65, 38.2% of the Aug 5 - Dec 6 bull leg. Support at 5921.00, Nov 19 low, has been pierced. A clear break of it would strengthen a bearish threat. Initial resistance is 6064.86, the 20-day EMA. A clear break of the EMA would be a bullish development.

  • Japan's NIKKEI closed higher by 713.1 pts or +1.8% at 40281.16 and the TOPIX ended 34.9 pts higher or +1.26% at 2801.68.
  • Elsewhere, in China the SHANGHAI closed higher by 2.066 pts or +0.06% at 3400.142 and the HANG SENG ended 7.83 pts lower or -0.04% at 20090.46.
  • Across Europe, Germany's DAX trades higher by 66.05 pts or +0.33% at 19915.36, FTSE 100 higher by 4.31 pts or +0.05% at 8141.26, CAC 40 up 39.21 pts or +0.54% at 7321.79 and Euro Stoxx 50 up 24.27 pts or +0.5% at 4882.01.
  • Dow Jones mini down 118 pts or -0.27% at 43586, S&P 500 mini down 20.75 pts or -0.34% at 6074.5, NASDAQ mini down 85 pts or -0.39% at 21922.75.
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A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the recent move down highlights a corrective phase and a short-term bear threat remains present - for now. Price has traded through the 50-day EMA, at 4920.51. The Dec 20 initial sell-off resulted in a print below 4846.57, 61.8% of the Nov 21 - Dec 9 bull cycle. This opens 4800.87, the 76.4% retracement. Initial resistance is at 4929.26, the 20-day EMA. A sell-off in the S&P E-Minis contract on Dec 18 highlights a S/T top and a corrective cycle. The move down resulted in a breach of the 20- and 50-day EMAs. A resumption of weakness would open 5811.65, 38.2% of the Aug 5 - Dec 6 bull leg. Support at 5921.00, Nov 19 low, has been pierced. A clear break of it would strengthen a bearish threat. Initial resistance is 6064.86, the 20-day EMA. A clear break of the EMA would be a bullish development.

  • Japan's NIKKEI closed higher by 713.1 pts or +1.8% at 40281.16 and the TOPIX ended 34.9 pts higher or +1.26% at 2801.68.
  • Elsewhere, in China the SHANGHAI closed higher by 2.066 pts or +0.06% at 3400.142 and the HANG SENG ended 7.83 pts lower or -0.04% at 20090.46.
  • Across Europe, Germany's DAX trades higher by 66.05 pts or +0.33% at 19915.36, FTSE 100 higher by 4.31 pts or +0.05% at 8141.26, CAC 40 up 39.21 pts or +0.54% at 7321.79 and Euro Stoxx 50 up 24.27 pts or +0.5% at 4882.01.
  • Dow Jones mini down 118 pts or -0.27% at 43586, S&P 500 mini down 20.75 pts or -0.34% at 6074.5, NASDAQ mini down 85 pts or -0.39% at 21922.75.