Bullish Trend Condition in Eurostoxx 50 Futures Remains Firmly Intact

A bull cycle in Eurostoxx 50 futures remains firmly intact and the contract has traded higher this week. Moving average studies remain in a bull-mode position too, highlighting positive market sentiment. Sights are on 4904.40 next, a Fibonacci projection. Further out, scope is seen for a climb towards a bull channel top at 4981.90. The channel is drawn from the Oct 27 low. Initial firm support lies at 4774.50, the 20-day EMA. The trend condition in S&P E-Minis remains bullish and the contract continues to trade closer to its recent highs. The latest move higher again highlights the fact that corrections remain shallow - a bullish signal. Support to watch is 5016.21, the 20-day EMA. A clear break of this average would signal potential for a deeper retracement towards 4936.50, the Feb 13 low. A resumption of gains would open vol-band based resistance at 5153.29.

• Japan's NIKKEI closed lower by 41.84 pts or -0.11% at 39166.19 and the TOPIX ended 0.78 pts higher or +0.03% at 2675.73.
• Elsewhere, in China the SHANGHAI closed higher by 57.319 pts or +1.94% at 3015.171 and the HANG SENG ended 25.41 pts lower or -0.15% at 16511.44.
• Across Europe, Germany's DAX trades higher by 64.65 pts or +0.37% at 17662.71, FTSE 100 higher by 10.78 pts or +0.14% at 7635.74, CAC 40 up 4.81 pts or +0.06% at 7959.18 and Euro Stoxx 50 up 1.62 pts or +0.03% at 4884.75.
• Dow Jones mini down 130 pts or -0.33% at 38870, S&P 500 mini down 14.5 pts or -0.29% at 5067.75, NASDAQ mini down 52.25 pts or -0.29% at 17868.25.