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E-Mini S&P Bullish Following Last Week's Extension

EQUITIES

A bullish trend condition in Eurostoxx 50 futures remains intact and last week’s gains reinforce current conditions. The move higher confirms once again a resumption of the uptrend and this has also resulted in a break of the 5000.00 handle. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 5074.7, a Fibonacci projection. Initial firm support is at 4905.50, the 20-day EMA. The trend condition in S&P E-Minis remains bullish and last week’s extension reinforces this theme. The break of 5257.25, Mar 8 high, confirmed a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. MA studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5389.02, the top of a bull channel drawn from the Jan 17 low. Initial firm support is at 5206.16, the 20-day EMA.


  • Japan's NIKKEI closed lower by 474.31 pts or -1.16% at 40414.12 and the TOPIX ended 35.58 pts lower or -1.26% at 2777.64.
  • Elsewhere, in China the SHANGHAI closed lower by 21.729 pts or -0.71% at 3026.305 and the HANG SENG ended 25.83 pts lower or -0.16% at 16473.64.
  • Across Europe, Germany's DAX trades higher by 14.24 pts or +0.08% at 18220.56, FTSE 100 higher by 1.21 pts or +0.02% at 7932.23, CAC 40 down 1.44 pts or -0.02% at 8150.48 and Euro Stoxx 50 up 2.4 pts or +0.05% at 5033.55.
  • Dow Jones mini down 31 pts or -0.08% at 39835, S&P 500 mini down 3.75 pts or -0.07% at 5289.75, NASDAQ mini down 28 pts or -0.15% at 18548.
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