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EQUITIES: E-Mini S&P Back Above Key Short-Term Support

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the move lower from last Friday’s high, is considered corrective. A deeper retracement would allow an overbought trend condition to unwind. Moving average studies remain in a bull-mode set-up highlighting a dominant uptrend. The first important support to watch is 5097.39, the 20-day EMA. A resumption of the uptrend would open 5298.50, a Fibonacci projection. The S&P E-Minis contract initially traded lower Monday extending the pullback from last Friday’s high. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the move down appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement, towards 5943.94, a Fibonacci retracement. Key resistance is 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed lower by 548.93 pts or -1.39% at 39016.87 and the TOPIX ended 1.17 pts lower or -0.04% at 2756.9.
  • Across Europe, Germany's DAX trades higher by 85.17 pts or +0.4% at 21367.16, FTSE 100 higher by 46.86 pts or +0.55% at 8549.93, CAC 40 up 19.85 pts or +0.25% at 7926.43 and Euro Stoxx 50 up 14.69 pts or +0.28% at 5203.14.
  • Dow Jones mini up 14 pts or +0.03% at 44916, S&P 500 mini up 16.5 pts or +0.27% at 6062.25, NASDAQ mini up 107 pts or +0.5% at 21361.5.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the move lower from last Friday’s high, is considered corrective. A deeper retracement would allow an overbought trend condition to unwind. Moving average studies remain in a bull-mode set-up highlighting a dominant uptrend. The first important support to watch is 5097.39, the 20-day EMA. A resumption of the uptrend would open 5298.50, a Fibonacci projection. The S&P E-Minis contract initially traded lower Monday extending the pullback from last Friday’s high. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the move down appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement, towards 5943.94, a Fibonacci retracement. Key resistance is 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed lower by 548.93 pts or -1.39% at 39016.87 and the TOPIX ended 1.17 pts lower or -0.04% at 2756.9.
  • Across Europe, Germany's DAX trades higher by 85.17 pts or +0.4% at 21367.16, FTSE 100 higher by 46.86 pts or +0.55% at 8549.93, CAC 40 up 19.85 pts or +0.25% at 7926.43 and Euro Stoxx 50 up 14.69 pts or +0.28% at 5203.14.
  • Dow Jones mini up 14 pts or +0.03% at 44916, S&P 500 mini up 16.5 pts or +0.27% at 6062.25, NASDAQ mini up 107 pts or +0.5% at 21361.5.