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

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact. This week’s strong rally highlights a reversal of the recent corrective pullback. Resistance at 5040.00, the Dec 9 high, has been pierced. A clear break of this level would confirm a resumption of the bull cycle that started on Nov 21 last year and open 5068.13, a Fibonacci projection. On the downside, initial firm support lies at 4925.88, the 50-day EMA. A bear threat in the S&P E-Minis contract remains present despite the most recent move higher. The reversal lower from the Dec 26 high, highlights the end of the Dec 20 - 26 correction. Attention is on 5866.00, Dec 20 low and a key S/T support. Clearance of this level would strengthen a bearish theme. Initial firm resistance is 6107.50, Dec 26 high. A breach of this hurdle would highlight a bull reversal and open key resistance at 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed lower by 102.24 pts or -0.26% at 39981.06 and the TOPIX ended 16.57 pts lower or -0.59% at 2770.
  • Elsewhere, in China the SHANGHAI closed higher by 0.524 pts or +0.02% at 3230.168 and the HANG SENG ended 167.74 pts lower or -0.86% at 19279.84.
  • Across Europe, Germany's DAX trades higher by 50.56 pts or +0.25% at 20391.34, FTSE 100 higher by 1.67 pts or +0.02% at 8247.05, CAC 40 down 9.86 pts or -0.13% at 7478.23 and Euro Stoxx 50 up 4.54 pts or +0.09% at 5016.36.
  • Dow Jones mini up 89 pts or +0.21% at 42893, S&P 500 mini up 15 pts or +0.25% at 5969.25, NASDAQ mini up 57.75 pts or +0.27% at 21417.5.
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A bull cycle in the Eurostoxx 50 futures contract remains intact. This week’s strong rally highlights a reversal of the recent corrective pullback. Resistance at 5040.00, the Dec 9 high, has been pierced. A clear break of this level would confirm a resumption of the bull cycle that started on Nov 21 last year and open 5068.13, a Fibonacci projection. On the downside, initial firm support lies at 4925.88, the 50-day EMA. A bear threat in the S&P E-Minis contract remains present despite the most recent move higher. The reversal lower from the Dec 26 high, highlights the end of the Dec 20 - 26 correction. Attention is on 5866.00, Dec 20 low and a key S/T support. Clearance of this level would strengthen a bearish theme. Initial firm resistance is 6107.50, Dec 26 high. A breach of this hurdle would highlight a bull reversal and open key resistance at 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed lower by 102.24 pts or -0.26% at 39981.06 and the TOPIX ended 16.57 pts lower or -0.59% at 2770.
  • Elsewhere, in China the SHANGHAI closed higher by 0.524 pts or +0.02% at 3230.168 and the HANG SENG ended 167.74 pts lower or -0.86% at 19279.84.
  • Across Europe, Germany's DAX trades higher by 50.56 pts or +0.25% at 20391.34, FTSE 100 higher by 1.67 pts or +0.02% at 8247.05, CAC 40 down 9.86 pts or -0.13% at 7478.23 and Euro Stoxx 50 up 4.54 pts or +0.09% at 5016.36.
  • Dow Jones mini up 89 pts or +0.21% at 42893, S&P 500 mini up 15 pts or +0.25% at 5969.25, NASDAQ mini up 57.75 pts or +0.27% at 21417.5.