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E-Mini S&P Bullish With This Week's Pullback Considered Corrective

EQUITIES

The bull cycle in Eurostoxx 50 futures remains firmly intact and the contract is holding on to its recent gains. Moving average studies are in a bull-mode position too, highlighting positive market sentiment. Sights are on 4904.40 next, a Fibonacci projection. Further out, scope is seen for a climb towards a bull channel top at 4968.50. The channel is drawn from the Oct 27 low. Initial firm support lies at 4747.70, the 20-day EMA. The trend condition in S&P E-Minis remains bullish following last week’s gains and pullbacks are considered corrective. The move higher continues to highlight the fact that corrections remain shallow - a bullish signal. Support to watch is 5000.90, the 20-day EMA. A clear break of this EMA would signal potential for a deeper retracement towards the 4866.00 key support, Jan 31 low. A resumption of gains would open vol-band based resistance at 5137.13.


  • Japan's NIKKEI closed higher by 5.81 pts or +0.01% at 39239.52 and the TOPIX ended 4.84 pts higher or +0.18% at 2678.46.
  • Elsewhere, in China the SHANGHAI closed higher by 38.459 pts or +1.29% at 3015.481 and the HANG SENG ended 156.06 pts higher or +0.94% at 16790.8.
  • Across Europe, Germany's DAX trades higher by 70.37 pts or +0.4% at 17493.68, FTSE 100 higher by 3.86 pts or +0.05% at 7688.19, CAC 40 up 7.1 pts or +0.09% at 7937.04 and Euro Stoxx 50 up 12.36 pts or +0.25% at 4876.55.
  • Dow Jones mini up 22 pts or +0.06% at 39138, S&P 500 mini up 5.5 pts or +0.11% at 5085.75, NASDAQ mini up 31 pts or +0.17% at 18008.5.
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