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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 phase. Despite the latest bounce, a short-term bear threat remains present - for now. Key short-term support has been defined at 4829.00, the Dec 20 low. A break of it would confirm a resumption of the bear cycle and open 4800.87, a Fibonacci retracement. Initial firm resistance to watch is at 4939.00, the Dec 19 high. A bear threat in the S&P E-Minis contract remains present and the latest move down highlights the end of the recent Dec 20 - 26 corrective bounce. Attention is on 5866.00, the Dec 20 low and a key short-term support. Clearance of this level would strengthen a bearish theme. Initial firm resistance to monitor is 6107.50, the Dec 26 high. A break of this level is required to open key resistance at 6178.75, the Dec 6 high.

  • Elsewhere, in China the SHANGHAI closed lower by 51.131 pts or -1.57% at 3211.43 and the HANG SENG ended 136.95 pts higher or +0.7% at 19760.27.
  • Across Europe, Germany's DAX trades lower by 60.95 pts or -0.3% at 19963.23, FTSE 100 lower by 5.55 pts or -0.07% at 8254.42, CAC 40 down 48.55 pts or -0.66% at 7345.21 and Euro Stoxx 50 down 17.99 pts or -0.37% at 4899.89.
  • Dow Jones mini up 145 pts or +0.34% at 42839, S&P 500 mini up 22.75 pts or +0.38% at 5939.25, NASDAQ mini up 108.25 pts or +0.51% at 21275.75.
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A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the recent move down highlights a corrective phase. Despite the latest bounce, a short-term bear threat remains present - for now. Key short-term support has been defined at 4829.00, the Dec 20 low. A break of it would confirm a resumption of the bear cycle and open 4800.87, a Fibonacci retracement. Initial firm resistance to watch is at 4939.00, the Dec 19 high. A bear threat in the S&P E-Minis contract remains present and the latest move down highlights the end of the recent Dec 20 - 26 corrective bounce. Attention is on 5866.00, the Dec 20 low and a key short-term support. Clearance of this level would strengthen a bearish theme. Initial firm resistance to monitor is 6107.50, the Dec 26 high. A break of this level is required to open key resistance at 6178.75, the Dec 6 high.

  • Elsewhere, in China the SHANGHAI closed lower by 51.131 pts or -1.57% at 3211.43 and the HANG SENG ended 136.95 pts higher or +0.7% at 19760.27.
  • Across Europe, Germany's DAX trades lower by 60.95 pts or -0.3% at 19963.23, FTSE 100 lower by 5.55 pts or -0.07% at 8254.42, CAC 40 down 48.55 pts or -0.66% at 7345.21 and Euro Stoxx 50 down 17.99 pts or -0.37% at 4899.89.
  • Dow Jones mini up 145 pts or +0.34% at 42839, S&P 500 mini up 22.75 pts or +0.38% at 5939.25, NASDAQ mini up 108.25 pts or +0.51% at 21275.75.