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EQUITIES: Bull Cycle in Eurostoxx 50 Futures Intact Following This Week's Climb

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact. This week’s climb resulted in a breach of 5054.00, the Jan 8 high, to confirm a resumption of the uptrend. The contract is holding on to its recent gains. The focus is on a climb towards 5142.00, a Fibonacci projection point. Key short-term support has been defined at 4931.00, the Jan 13 low. A break of this level would be bearish. A bear threat in the S&P E-Minis contract remains present. However, Wednesday’s gains resulted in a print above resistance at 5987.04, the 50-day EMA. The average marks an important pivot level and a clear break of it would signal a possible reversal. This would open 6107.50, the Dec 26 high. Key short-term support has been defined at 5809.00, the Jan 13 low. A breach of this level would confirm a resumption of the downtrend.

  • Japan's NIKKEI closed lower by 121.14 pts or -0.31% at 38451.46 and the TOPIX ended 8.89 pts lower or -0.33% at 2679.42.
  • Elsewhere, in China the SHANGHAI closed higher by 5.789 pts or +0.18% at 3241.821 and the HANG SENG ended 61.17 pts higher or +0.31% at 19584.06.
  • Across Europe, Germany's DAX trades higher by 201.6 pts or +0.98% at 20857.54, FTSE 100 higher by 77.86 pts or +0.93% at 8469.83, CAC 40 up 78.95 pts or +1.03% at 7713.69 and Euro Stoxx 50 up 36.76 pts or +0.72% at 5143.69.
  • Dow Jones mini up 111 pts or +0.26% at 43483, S&P 500 mini up 19 pts or +0.32% at 5994.75, NASDAQ mini up 86 pts or +0.4% at 21335.
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A bull cycle in the Eurostoxx 50 futures contract remains intact. This week’s climb resulted in a breach of 5054.00, the Jan 8 high, to confirm a resumption of the uptrend. The contract is holding on to its recent gains. The focus is on a climb towards 5142.00, a Fibonacci projection point. Key short-term support has been defined at 4931.00, the Jan 13 low. A break of this level would be bearish. A bear threat in the S&P E-Minis contract remains present. However, Wednesday’s gains resulted in a print above resistance at 5987.04, the 50-day EMA. The average marks an important pivot level and a clear break of it would signal a possible reversal. This would open 6107.50, the Dec 26 high. Key short-term support has been defined at 5809.00, the Jan 13 low. A breach of this level would confirm a resumption of the downtrend.

  • Japan's NIKKEI closed lower by 121.14 pts or -0.31% at 38451.46 and the TOPIX ended 8.89 pts lower or -0.33% at 2679.42.
  • Elsewhere, in China the SHANGHAI closed higher by 5.789 pts or +0.18% at 3241.821 and the HANG SENG ended 61.17 pts higher or +0.31% at 19584.06.
  • Across Europe, Germany's DAX trades higher by 201.6 pts or +0.98% at 20857.54, FTSE 100 higher by 77.86 pts or +0.93% at 8469.83, CAC 40 up 78.95 pts or +1.03% at 7713.69 and Euro Stoxx 50 up 36.76 pts or +0.72% at 5143.69.
  • Dow Jones mini up 111 pts or +0.26% at 43483, S&P 500 mini up 19 pts or +0.32% at 5994.75, NASDAQ mini up 86 pts or +0.4% at 21335.