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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 continues to trade 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 4902.90, the 20-day EMA. The S&P E-Minis contract remains bullish and the latest shallow 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 trend would open 6194.19, a Fibonacci projection. Initial support to watch lies at 6097.76 the 20-day EMA.

  • Japan's NIKKEI closed lower by 12.95 pts or -0.03% at 39457.49 and the TOPIX ended 8.23 pts lower or -0.3% at 2738.33.
  • Elsewhere, in China the SHANGHAI closed lower by 5.547 pts or -0.16% at 3386.331 and the HANG SENG ended 175.75 pts lower or -0.88% at 19795.49.
  • Across Europe, Germany's DAX trades lower by 58.69 pts or -0.29% at 20347.66, FTSE 100 lower by 18.11 pts or -0.22% at 8281.98, CAC 40 down 43.3 pts or -0.58% at 7366.27 and Euro Stoxx 50 down 14.34 pts or -0.29% at 4953.61.
  • Dow Jones mini up 21 pts or +0.05% at 43886, S&P 500 mini up 6.5 pts or +0.11% at 6062, NASDAQ mini up 41.75 pts or +0.19% at 21836.5.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and price continues to trade 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 4902.90, the 20-day EMA. The S&P E-Minis contract remains bullish and the latest shallow 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 trend would open 6194.19, a Fibonacci projection. Initial support to watch lies at 6097.76 the 20-day EMA.

  • Japan's NIKKEI closed lower by 12.95 pts or -0.03% at 39457.49 and the TOPIX ended 8.23 pts lower or -0.3% at 2738.33.
  • Elsewhere, in China the SHANGHAI closed lower by 5.547 pts or -0.16% at 3386.331 and the HANG SENG ended 175.75 pts lower or -0.88% at 19795.49.
  • Across Europe, Germany's DAX trades lower by 58.69 pts or -0.29% at 20347.66, FTSE 100 lower by 18.11 pts or -0.22% at 8281.98, CAC 40 down 43.3 pts or -0.58% at 7366.27 and Euro Stoxx 50 down 14.34 pts or -0.29% at 4953.61.
  • Dow Jones mini up 21 pts or +0.05% at 43886, S&P 500 mini up 6.5 pts or +0.11% at 6062, NASDAQ mini up 41.75 pts or +0.19% at 21836.5.