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E-Mini S&P Conditions Unchanged and Bullish, Corrections Lower Shallow

EQUITIES

A bullish theme in Eurostoxx 50 futures remains intact and the contract traded to a fresh cycle high last week. Moving average studies are in a bull-mode position and this continues to highlight positive market sentiment. Price is approaching the psychological 5000.00 handle. A break of this level would strengthen the bullish condition. On the downside, initial firm support lies at 4859.40, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish. Recent fresh cycle highs reinforce current conditions. Note too that price action continues to highlight the fact that corrections remain shallow. This is an important bullish signal, reflecting positive market sentiment. Support to watch is 5163.37 the 20-day EMA. A clear break of this average would open 5051.40, the 50-day EMA. Sights are on 5300.00 next.


  • Japan's NIKKEI closed higher by 1032.8 pts or +2.67% at 39740.44 and the TOPIX ended 51.19 pts higher or +1.92% at 2721.99.
  • Elsewhere, in China the SHANGHAI closed higher by 30.29 pts or +0.99% at 3084.926 and the HANG SENG ended 16.23 pts higher or +0.1% at 16737.12.
  • Across Europe, Germany's DAX trades higher by 27.33 pts or +0.15% at 17963.59, FTSE 100 higher by 6.2 pts or +0.08% at 7733.56, CAC 40 down 8.17 pts or -0.1% at 8155.52 and Euro Stoxx 50 up 1.22 pts or +0.02% at 4987.12.
  • Dow Jones mini down 58 pts or -0.15% at 39094, S&P 500 mini up 11.25 pts or +0.22% at 5193.75, NASDAQ mini up 93.75 pts or +0.52% at 18151.5.
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