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EQUITIES: Bull Cycle in Eurostoxx 50 Futures Remains in Play

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the latest pullback appears corrective. Initial support is at 4937.06, the 50-day EMA. It has been pierced, a clear break of this EMA would undermine a bullish theme and signal scope for a deeper retracement. For bulls, resistance at 5040.00, Dec 9 high, has recently been pierced. Clearance of it would resume the bull cycle that started on Nov 21 and open 5068.13, a Fibonacci projection. A bear threat in the S&P E-Minis contract remains present and the contract traded to a fresh short-term low on Monday. The reversal from the Dec 26 high, confirms the end of the Dec 20 - 26 correction. 5866.00, the Dec 20 low and a key short-term support, has been cleared. This strengthens a bearish theme and sights are on 5784.00, the Nov 4 low and an important short-term support. Initial pivot resistance is seen at 5991.72, the 50-day EMA.

  • Japan's NIKKEI closed lower by 716.1 pts or -1.83% at 38474.3 and the TOPIX ended 31.54 pts lower or -1.16% at 2682.58.
  • Elsewhere, in China the SHANGHAI closed higher by 80.185 pts or +2.54% at 3240.94 and the HANG SENG ended 345.64 pts higher or +1.83% at 19219.78.
  • Across Europe, Germany's DAX trades higher by 118.37 pts or +0.59% at 20250.54, FTSE 100 higher by 13.18 pts or +0.16% at 8237.44, CAC 40 up 68.03 pts or +0.92% at 7476.67 and Euro Stoxx 50 up 45.63 pts or +0.92% at 4999.84.
  • Dow Jones mini up 141 pts or +0.33% at 42664, S&P 500 mini up 30.25 pts or +0.51% at 5905, NASDAQ mini up 153.75 pts or +0.73% at 21102.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the latest pullback appears corrective. Initial support is at 4937.06, the 50-day EMA. It has been pierced, a clear break of this EMA would undermine a bullish theme and signal scope for a deeper retracement. For bulls, resistance at 5040.00, Dec 9 high, has recently been pierced. Clearance of it would resume the bull cycle that started on Nov 21 and open 5068.13, a Fibonacci projection. A bear threat in the S&P E-Minis contract remains present and the contract traded to a fresh short-term low on Monday. The reversal from the Dec 26 high, confirms the end of the Dec 20 - 26 correction. 5866.00, the Dec 20 low and a key short-term support, has been cleared. This strengthens a bearish theme and sights are on 5784.00, the Nov 4 low and an important short-term support. Initial pivot resistance is seen at 5991.72, the 50-day EMA.

  • Japan's NIKKEI closed lower by 716.1 pts or -1.83% at 38474.3 and the TOPIX ended 31.54 pts lower or -1.16% at 2682.58.
  • Elsewhere, in China the SHANGHAI closed higher by 80.185 pts or +2.54% at 3240.94 and the HANG SENG ended 345.64 pts higher or +1.83% at 19219.78.
  • Across Europe, Germany's DAX trades higher by 118.37 pts or +0.59% at 20250.54, FTSE 100 higher by 13.18 pts or +0.16% at 8237.44, CAC 40 up 68.03 pts or +0.92% at 7476.67 and Euro Stoxx 50 up 45.63 pts or +0.92% at 4999.84.
  • Dow Jones mini up 141 pts or +0.33% at 42664, S&P 500 mini up 30.25 pts or +0.51% at 5905, NASDAQ mini up 153.75 pts or +0.73% at 21102.