Bullish E-Mini S&Ps Target 4043.0 Dec 15 High

EUROSTOXX 50 futures bullish conditions remain intact and the contract is trading higher again today. Futures have recently cleared resistance at 4043.00, the Dec 13 high and a bull trigger. The break represents a key short-term positive development and paves the way for gains towards 4215.00 next, a Fibonacci projection. Moving average studies are in a bull-mode condition, reinforcing the bull theme. Initial firm is at 3981.10. S&P E-Minis traded higher last week. The contract has cleared resistance at the 50-day EMA and this has strengthened the short-term bullish condition. Price has also traded above the 4000.00 handle to open 4043.00 next, the Dec 15 high. Key support and the bear trigger has been defined at 3788.50, the Dec 22 low. A reversal lower and a break of this support would resume bearish activity.

• Japan's NIKKEI closed lower by 297.2 pts or -1.14% at 25822.32 and the TOPIX ended 16.77 pts lower or -0.88% at 1886.31.
• Elsewhere, in China the SHANGHAI closed higher by 32.286 pts or +1.01% at 3227.592 and the HANG SENG ended 8.06 pts higher or +0.04% at 21746.72.
• Across Europe, Germany's DAX trades higher by 12.64 pts or +0.08% at 15099.02, FTSE 100 higher by 9.74 pts or +0.12% at 7853.69, CAC 40 down 6.02 pts or -0.09% at 7017.01 and Euro Stoxx 50 down 4.1 pts or -0.1% at 4146.76.
• Dow Jones mini down 87 pts or -0.25% at 34329, S&P 500 mini down 17.75 pts or -0.44% at 4000.75, NASDAQ mini down 81.75 pts or -0.7% at 11527.