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EQUITIES: E-Mini S&P Remains Above 50-Day EMA Following Wednesday's Rally

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the latest pullback has proved to be corrective. Yesterday’s climb resulted in a breach of 5054.00, the Jan 8 high, to confirm a resumption of the uptrend. Today’s move higher reinforces current conditions. The focus is on a climb towards 5097.00, the Oct 14 high. On the downside, key short-term support has been defined at 4931.00, a break would be bearish. A bear threat in the S&P E-Minis contract remains present. However, yesterday’s gains resulted in a print above resistance at 5987.49, the 50-day EMA. The average marks an important short-term pivot level and a clear break of it would signal a possible reversal. This would open 6107.50, the Dec 26 high. Key short-term support has been defined at 5809.00, the Jan 13 low. A breach of this level would confirm a resumption of the downtrend.

  • Japan's NIKKEI closed higher by 128.02 pts or +0.33% at 38572.6 and the TOPIX ended 2.5 pts lower or -0.09% at 2688.31.
  • Elsewhere, in China the SHANGHAI closed higher by 8.915 pts or +0.28% at 3236.032 and the HANG SENG ended 236.82 pts higher or +1.23% at 19522.89.
  • Across Europe, Germany's DAX trades higher by 18.54 pts or +0.09% at 20592.61, FTSE 100 higher by 59.49 pts or +0.72% at 8360.63, CAC 40 up 124.95 pts or +1.67% at 7599.54 and Euro Stoxx 50 up 55.3 pts or +1.1% at 5087.61.
  • Dow Jones mini down 5 pts or -0.01% at 43460, S&P 500 mini up 9.75 pts or +0.16% at 5999.5, NASDAQ mini up 62.25 pts or +0.29% at 21464.25.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the latest pullback has proved to be corrective. Yesterday’s climb resulted in a breach of 5054.00, the Jan 8 high, to confirm a resumption of the uptrend. Today’s move higher reinforces current conditions. The focus is on a climb towards 5097.00, the Oct 14 high. On the downside, key short-term support has been defined at 4931.00, a break would be bearish. A bear threat in the S&P E-Minis contract remains present. However, yesterday’s gains resulted in a print above resistance at 5987.49, the 50-day EMA. The average marks an important short-term pivot level and a clear break of it would signal a possible reversal. This would open 6107.50, the Dec 26 high. Key short-term support has been defined at 5809.00, the Jan 13 low. A breach of this level would confirm a resumption of the downtrend.

  • Japan's NIKKEI closed higher by 128.02 pts or +0.33% at 38572.6 and the TOPIX ended 2.5 pts lower or -0.09% at 2688.31.
  • Elsewhere, in China the SHANGHAI closed higher by 8.915 pts or +0.28% at 3236.032 and the HANG SENG ended 236.82 pts higher or +1.23% at 19522.89.
  • Across Europe, Germany's DAX trades higher by 18.54 pts or +0.09% at 20592.61, FTSE 100 higher by 59.49 pts or +0.72% at 8360.63, CAC 40 up 124.95 pts or +1.67% at 7599.54 and Euro Stoxx 50 up 55.3 pts or +1.1% at 5087.61.
  • Dow Jones mini down 5 pts or -0.01% at 43460, S&P 500 mini up 9.75 pts or +0.16% at 5999.5, NASDAQ mini up 62.25 pts or +0.29% at 21464.25.