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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 and price is trading closer to its recent highs. The contract has recently breached the 50-day EMA. The clear break 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 4896.15, the 20-day EMA. The S&P E-Minis contract remains bullish 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. A resumption of the uptrend would open 6145.26, a Fibonacci projection. Initial support to watch lies at 6028.33 the 20-day EMA.

  • Japan's NIKKEI closed lower by 378.7 pts or -0.95% at 39470.44 and the TOPIX ended 26.47 pts lower or -0.95% at 2746.56.
  • Elsewhere, in China the SHANGHAI closed lower by 69.622 pts or -2.01% at 3391.878 and the HANG SENG ended 425.81 pts lower or -2.09% at 19971.24.
  • Across Europe, Germany's DAX trades higher by 47.84 pts or +0.23% at 20474.48, FTSE 100 higher by 4.47 pts or +0.05% at 8316.32, CAC 40 up 5.3 pts or +0.07% at 7424.87 and Euro Stoxx 50 up 11.96 pts or +0.24% at 4976.85.
  • Dow Jones mini up 84 pts or +0.19% at 44061, S&P 500 mini up 15.5 pts or +0.26% at 6076.25, NASDAQ mini up 114.25 pts or +0.53% at 21765.25.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and price is trading closer to its recent highs. The contract has recently breached the 50-day EMA. The clear break 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 4896.15, the 20-day EMA. The S&P E-Minis contract remains bullish 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. A resumption of the uptrend would open 6145.26, a Fibonacci projection. Initial support to watch lies at 6028.33 the 20-day EMA.

  • Japan's NIKKEI closed lower by 378.7 pts or -0.95% at 39470.44 and the TOPIX ended 26.47 pts lower or -0.95% at 2746.56.
  • Elsewhere, in China the SHANGHAI closed lower by 69.622 pts or -2.01% at 3391.878 and the HANG SENG ended 425.81 pts lower or -2.09% at 19971.24.
  • Across Europe, Germany's DAX trades higher by 47.84 pts or +0.23% at 20474.48, FTSE 100 higher by 4.47 pts or +0.05% at 8316.32, CAC 40 up 5.3 pts or +0.07% at 7424.87 and Euro Stoxx 50 up 11.96 pts or +0.24% at 4976.85.
  • Dow Jones mini up 84 pts or +0.19% at 44061, S&P 500 mini up 15.5 pts or +0.26% at 6076.25, NASDAQ mini up 114.25 pts or +0.53% at 21765.25.