E-Mini S&P Bounce Off Tuesday Low Looks Bullish

EUROSTOXX 50 futures are consolidating. Support lies at 4097.00, the Jan 19 low. The contract is also trading just ahead of key short-term resistance at 4206.00, the Jan 18 high. A break of this level would resume the uptrend and pave the way for a climb towards 4215.00, a Fibonacci projection. Note that the trend remains overbought. A pullback, if seen, would represent a healthy correction. A break of 4097.00 would signal the start of a S/T bear cycle. S&P E-Minis recovered from yesterday's low. The recent move down appears to be a correction and the uptrend remains intact - yesterday’s bounce reinforces bullish conditions. The recent breach of resistance resulted in a print above the 4100.00 handle and an extension higher would open 4180.00, the Dec 13 high and a bull trigger. Initial firm and key support has been defined at 3963.07, the 50-day EMA.

• Japan's NIKKEI closed higher by 19.77 pts or +0.07% at 27346.88 and the TOPIX ended 3.04 pts lower or -0.15% at 1972.23.
• Elsewhere, in China the SHANGHAI closed higher by 29.252 pts or +0.9% at 3284.921 and the HANG SENG ended 229.85 pts higher or +1.05% at 22072.18.
• Across Europe, Germany's DAX trades lower by 2.52 pts or -0.02% at 15173.93, FTSE 100 higher by 11.78 pts or +0.15% at 7796.39, CAC 40 up 3.52 pts or +0.05% at 7106.41 and Euro Stoxx 50 up 7.05 pts or +0.17% at 4183.61.
• Dow Jones mini down 116 pts or -0.34% at 34075, S&P 500 mini down 11.75 pts or -0.29% at 4082.5, NASDAQ mini down 18.25 pts or -0.15% at 12144.5.