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EQUITIES: Bull Cycle in Eurostoxx 50 Futures Intact Despite Recent Pullback

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the latest pullback highlights a corrective cycle and the contract is again trading lower, today. Price has traded through the 50-day EMA, at 4897.73. A continuation lower would open 4819.33, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 5014.00, the Dec 9 high. A break of this hurdle would confirm a resumption of the recent uptrend. A sharp sell-off in the S&P E-Minis contract on Wednesday highlights a possible short-term top. The move down has resulted in a breach of both the 20- and 50-day EMAs. A continuation lower would open 5811.65, a Fibonacci retracement level. Note that support at 5921.00, the Nov 19 low, has been pierced. A clear break of this level would strengthen a bearish threat. Initial resistance is at 6008.80, the 50-day EMA.

  • Japan's NIKKEI closed lower by 111.68 pts or -0.29% at 38701.9 and the TOPIX ended 11.84 pts lower or -0.44% at 2701.99.
  • Elsewhere, in China the SHANGHAI closed lower by 1.964 pts or -0.06% at 3368.069 and the HANG SENG ended 31.81 pts lower or -0.16% at 19720.7.
  • Across Europe, Germany's DAX trades lower by 222.17 pts or -1.11% at 19746.63, FTSE 100 lower by 43.46 pts or -0.54% at 8061.9, CAC 40 down 77.93 pts or -1.07% at 7216.44 and Euro Stoxx 50 down 57.27 pts or -1.17% at 4821.73.
  • Dow Jones mini down 222 pts or -0.52% at 42138, S&P 500 mini down 45.5 pts or -0.78% at 5823.25, NASDAQ mini down 243 pts or -1.15% at 20869.75.
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A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the latest pullback highlights a corrective cycle and the contract is again trading lower, today. Price has traded through the 50-day EMA, at 4897.73. A continuation lower would open 4819.33, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 5014.00, the Dec 9 high. A break of this hurdle would confirm a resumption of the recent uptrend. A sharp sell-off in the S&P E-Minis contract on Wednesday highlights a possible short-term top. The move down has resulted in a breach of both the 20- and 50-day EMAs. A continuation lower would open 5811.65, a Fibonacci retracement level. Note that support at 5921.00, the Nov 19 low, has been pierced. A clear break of this level would strengthen a bearish threat. Initial resistance is at 6008.80, the 50-day EMA.

  • Japan's NIKKEI closed lower by 111.68 pts or -0.29% at 38701.9 and the TOPIX ended 11.84 pts lower or -0.44% at 2701.99.
  • Elsewhere, in China the SHANGHAI closed lower by 1.964 pts or -0.06% at 3368.069 and the HANG SENG ended 31.81 pts lower or -0.16% at 19720.7.
  • Across Europe, Germany's DAX trades lower by 222.17 pts or -1.11% at 19746.63, FTSE 100 lower by 43.46 pts or -0.54% at 8061.9, CAC 40 down 77.93 pts or -1.07% at 7216.44 and Euro Stoxx 50 down 57.27 pts or -1.17% at 4821.73.
  • Dow Jones mini down 222 pts or -0.52% at 42138, S&P 500 mini down 45.5 pts or -0.78% at 5823.25, NASDAQ mini down 243 pts or -1.15% at 20869.75.