Current Consolidation in E-Mini S&P Seen as a Pause in Uptrend

A bullish theme in Eurostoxx 50 futures remains intact. The contract traded higher Thursday and breached 4387.00, the Nov 24 high. The break confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position signalling a rising cycle. The focus is on 4446.00, the Aug 10 high. Initial firm support to watch is at 4307.30, the 20-day EMA. A bullish theme in S&P e-minis remains intact and the current consolidation is seen as a pause in the uptrend. A strong rally on Nov 14 resulted in the break of a trendline drawn from the Jul 27 high. This breach and the subsequent rally, reinforces bullish conditions and opens 4597.50, the Sep 1 high. Moving average studies are in a bull-mode position highlighting an uptrend. Initial firm support is seen at 4490.76, the 20-day EMA.

• Japan's NIKKEI closed lower by 55.38 pts or -0.17% at 33431.51 and the TOPIX ended 7.59 pts higher or +0.32% at 2382.52.
• Elsewhere, in China the SHANGHAI closed higher by 1.963 pts or +0.06% at 3031.636 and the HANG SENG ended 212.58 pts lower or -1.25% at 16830.3.
• Across Europe, Germany's DAX trades higher by 133.54 pts or +0.82% at 16349.81, FTSE 100 higher by 57.97 pts or +0.78% at 7511.58, CAC 40 up 46.36 pts or +0.63% at 7357.13 and Euro Stoxx 50 up 34.93 pts or +0.8% at 4417.4.
• Dow Jones mini up 79 pts or +0.22% at 36089, S&P 500 mini up 6.5 pts or +0.14% at 4583, NASDAQ mini up 7.5 pts or +0.05% at 15993.25.