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EQUITIES: Bull Cycle in Eurostoxx 50 Futures Remains Intact

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact. Price has recently traded through the 50-day EMA, at 4881.26. The clear breach of this average strengthens a bullish theme and note that 4961.00, the Nov 6 high, has also been cleared. Sights are on 5015.00 next, the Oct 29 high. Key support is 4699.00, the Nov 19 low. Initial support to watch lies at 488653, the 20-day EMA. The S&P E-Minis contract maintains a bullish tone and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Resumption of the uptrend would open 6145.26, a Fibonacci projection. Initial support to watch lies at 6017.78, the 20-day EMA.

  • Japan's NIKKEI closed higher by 4.65 pts or +0.01% at 39372.23 and the TOPIX ended 7.9 pts higher or +0.29% at 2749.31.
  • Elsewhere, in China the SHANGHAI closed higher by 9.829 pts or +0.29% at 3432.49 and the HANG SENG ended 156.23 pts lower or -0.77% at 20155.05.
  • Across Europe, Germany's DAX trades higher by 17.98 pts or +0.09% at 20346.92, FTSE 100 lower by 16.35 pts or -0.2% at 8263.92, CAC 40 up 5.67 pts or +0.08% at 7400.45 and Euro Stoxx 50 up 0.61 pts or +0.01% at 4952.35.
  • Dow Jones mini down 44 pts or -0.1% at 44291, S&P 500 mini up 6.25 pts or +0.1% at 6052.5, NASDAQ mini up 46.5 pts or +0.22% at 21451.75.
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A bull cycle in the Eurostoxx 50 futures contract remains intact. Price has recently traded through the 50-day EMA, at 4881.26. The clear breach of this average strengthens a bullish theme and note that 4961.00, the Nov 6 high, has also been cleared. Sights are on 5015.00 next, the Oct 29 high. Key support is 4699.00, the Nov 19 low. Initial support to watch lies at 488653, the 20-day EMA. The S&P E-Minis contract maintains a bullish tone and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Resumption of the uptrend would open 6145.26, a Fibonacci projection. Initial support to watch lies at 6017.78, the 20-day EMA.

  • Japan's NIKKEI closed higher by 4.65 pts or +0.01% at 39372.23 and the TOPIX ended 7.9 pts higher or +0.29% at 2749.31.
  • Elsewhere, in China the SHANGHAI closed higher by 9.829 pts or +0.29% at 3432.49 and the HANG SENG ended 156.23 pts lower or -0.77% at 20155.05.
  • Across Europe, Germany's DAX trades higher by 17.98 pts or +0.09% at 20346.92, FTSE 100 lower by 16.35 pts or -0.2% at 8263.92, CAC 40 up 5.67 pts or +0.08% at 7400.45 and Euro Stoxx 50 up 0.61 pts or +0.01% at 4952.35.
  • Dow Jones mini down 44 pts or -0.1% at 44291, S&P 500 mini up 6.25 pts or +0.1% at 6052.5, NASDAQ mini up 46.5 pts or +0.22% at 21451.75.