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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, however, the recent move down highlights a corrective cycle and a short-term bear threat remains present - for now. Price has traded through the 50-day EMA, at 4922.49. The Dec 20 sell-off resulted in a print below 4846.57, 61.8% of the Nov 21 - Dec 9 bull cycle. Key short-term resistance has been defined at 5040.00, the Dec 9 high. Initial resistance is at 4935.29, the 20-day EMA. A sell-off in the S&P E-Minis contract on Dec 18 highlights a short-term top and a corrective cycle. The move down resulted in a breach of the 20- and 50-day EMAs. A resumption of weakness would open 5811.65, 38.2% of the Aug 5 - Dec 6 bull leg. Support at 5921.00, Nov 19 low, has been pierced. A clear break of it would strengthen a bearish threat. Initial resistance is 6067.90, the 20-day EMA. A clear break of it would be a bullish development.

  • Japan's NIKKEI closed higher by 459.44 pts or +1.19% at 39161.34 and the TOPIX ended 24.75 pts higher or +0.92% at 2726.74.
  • Elsewhere, in China the SHANGHAI closed lower by 16.812 pts or -0.5% at 3351.257 and the HANG SENG ended 162.43 pts higher or +0.82% at 19883.13.
  • Across Europe, Germany's DAX trades lower by 6.33 pts or -0.03% at 19878.2, FTSE 100 higher by 5.25 pts or +0.06% at 8089.62, CAC 40 down 3.83 pts or -0.05% at 7270.15 and Euro Stoxx 50 down 6.91 pts or -0.14% at 4855.08.
  • Dow Jones mini up 61 pts or +0.14% at 43374, S&P 500 mini up 20 pts or +0.33% at 6021.5, NASDAQ mini up 117.5 pts or +0.54% at 21683.
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A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the recent move down highlights a corrective cycle and a short-term bear threat remains present - for now. Price has traded through the 50-day EMA, at 4922.49. The Dec 20 sell-off resulted in a print below 4846.57, 61.8% of the Nov 21 - Dec 9 bull cycle. Key short-term resistance has been defined at 5040.00, the Dec 9 high. Initial resistance is at 4935.29, the 20-day EMA. A sell-off in the S&P E-Minis contract on Dec 18 highlights a short-term top and a corrective cycle. The move down resulted in a breach of the 20- and 50-day EMAs. A resumption of weakness would open 5811.65, 38.2% of the Aug 5 - Dec 6 bull leg. Support at 5921.00, Nov 19 low, has been pierced. A clear break of it would strengthen a bearish threat. Initial resistance is 6067.90, the 20-day EMA. A clear break of it would be a bullish development.

  • Japan's NIKKEI closed higher by 459.44 pts or +1.19% at 39161.34 and the TOPIX ended 24.75 pts higher or +0.92% at 2726.74.
  • Elsewhere, in China the SHANGHAI closed lower by 16.812 pts or -0.5% at 3351.257 and the HANG SENG ended 162.43 pts higher or +0.82% at 19883.13.
  • Across Europe, Germany's DAX trades lower by 6.33 pts or -0.03% at 19878.2, FTSE 100 higher by 5.25 pts or +0.06% at 8089.62, CAC 40 down 3.83 pts or -0.05% at 7270.15 and Euro Stoxx 50 down 6.91 pts or -0.14% at 4855.08.
  • Dow Jones mini up 61 pts or +0.14% at 43374, S&P 500 mini up 20 pts or +0.33% at 6021.5, NASDAQ mini up 117.5 pts or +0.54% at 21683.