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EQUITIES: E-Mini S&P Trading Back at Last Week's Highs

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the move down from the Jan 24 high, appears to have been a correction. A deeper retracement would allow an overbought trend condition to unwind. Moving average studies are in a bull-mode set-up highlighting a dominant uptrend. The first important support to watch is 5121.39, the 20-day EMA. A resumption of the uptrend would open 5298.50, a Fibonacci projection. The S&P E-Minis contract is trading above Monday’s low. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the recent sharp pullback 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 higher by 99.19 pts or +0.25% at 39513.97 and the TOPIX ended 6.34 pts higher or +0.23% at 2781.93.
  • Across Europe, Germany's DAX trades higher by 51.49 pts or +0.24% at 21694.7, FTSE 100 higher by 15.04 pts or +0.18% at 8572.52, CAC 40 up 33.5 pts or +0.43% at 7908.1 and Euro Stoxx 50 up 27.84 pts or +0.53% at 5260.41.
  • Dow Jones mini up 159 pts or +0.35% at 45059, S&P 500 mini up 23.75 pts or +0.39% at 6093, NASDAQ mini up 125 pts or +0.58% at 21653.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the move down from the Jan 24 high, appears to have been a correction. A deeper retracement would allow an overbought trend condition to unwind. Moving average studies are in a bull-mode set-up highlighting a dominant uptrend. The first important support to watch is 5121.39, the 20-day EMA. A resumption of the uptrend would open 5298.50, a Fibonacci projection. The S&P E-Minis contract is trading above Monday’s low. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the recent sharp pullback 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 higher by 99.19 pts or +0.25% at 39513.97 and the TOPIX ended 6.34 pts higher or +0.23% at 2781.93.
  • Across Europe, Germany's DAX trades higher by 51.49 pts or +0.24% at 21694.7, FTSE 100 higher by 15.04 pts or +0.18% at 8572.52, CAC 40 up 33.5 pts or +0.43% at 7908.1 and Euro Stoxx 50 up 27.84 pts or +0.53% at 5260.41.
  • Dow Jones mini up 159 pts or +0.35% at 45059, S&P 500 mini up 23.75 pts or +0.39% at 6093, NASDAQ mini up 125 pts or +0.58% at 21653.