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EQUITIES: Bull Cycle in Eurostoxx 50 Futures Intact, Price Near Recent Highs

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact and price is trading at its recent highs. This week’s 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 hurdle 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 4933.29, the 50-day EMA. A bear threat in the S&P E-Minis contract remains present. 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 short-term support. Clearance of this level would strengthen a bearish theme. Initial firm resistance is 6107.50, the 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 414.69 pts or -1.05% at 39190.4 and the TOPIX ended 21.8 pts lower or -0.8% at 2714.12.
  • Elsewhere, in China the SHANGHAI closed lower by 42.869 pts or -1.33% at 3168.524 and the HANG SENG ended 176.6 pts lower or -0.92% at 19064.29.
  • Across Europe, Germany's DAX trades higher by 0.14 pts or +0% at 20317.91, FTSE 100 lower by 11.59 pts or -0.14% at 8307.96, CAC 40 down 3.59 pts or -0.05% at 7486.88 and Euro Stoxx 50 down 8.06 pts or -0.16% at 5009.85.
  • Dow Jones mini down 25 pts or -0.06% at 42799, S&P 500 mini down 17.75 pts or -0.05% at 5941.25, NASDAQ mini down 78.25 pts or -0.09% at 21282.5.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and price is trading at its recent highs. This week’s 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 hurdle 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 4933.29, the 50-day EMA. A bear threat in the S&P E-Minis contract remains present. 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 short-term support. Clearance of this level would strengthen a bearish theme. Initial firm resistance is 6107.50, the 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 414.69 pts or -1.05% at 39190.4 and the TOPIX ended 21.8 pts lower or -0.8% at 2714.12.
  • Elsewhere, in China the SHANGHAI closed lower by 42.869 pts or -1.33% at 3168.524 and the HANG SENG ended 176.6 pts lower or -0.92% at 19064.29.
  • Across Europe, Germany's DAX trades higher by 0.14 pts or +0% at 20317.91, FTSE 100 lower by 11.59 pts or -0.14% at 8307.96, CAC 40 down 3.59 pts or -0.05% at 7486.88 and Euro Stoxx 50 down 8.06 pts or -0.16% at 5009.85.
  • Dow Jones mini down 25 pts or -0.06% at 42799, S&P 500 mini down 17.75 pts or -0.05% at 5941.25, NASDAQ mini down 78.25 pts or -0.09% at 21282.5.