E-Mini S&P Continues to Trade Close to its Recent Highs

A bullish theme in Eurostoxx 50 futures remains intact and the contract traded to a fresh trend high yesterday. This confirms, once again, a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position too, signalling a rising cycle. The focus is on 4608.00, the Jun 2007 high and a key resistance. Support to watch is at 4434.40, the 20-day EMA. A bullish theme in S&P e-minis remains intact and the contract is trading closer to its recent highs. The rally this week confirms a resumption of the uptrend that started Oct 27. Note too that the contract has cleared resistance at 4738.50, the Jul 27 high, reinforcing current positive trend conditions. This signals scope for a climb towards 4800.00 next. On the downside, initial firm support lies at 4632.25, the 20-day EMA.

• Japan's NIKKEI closed higher by 284.3 pts or +0.87% at 32970.55 and the TOPIX ended 10.93 pts higher or +0.47% at 2332.28.
• Elsewhere, in China the SHANGHAI closed lower by 16.429 pts or -0.56% at 2942.557 and the HANG SENG ended 390 pts higher or +2.38% at 16792.19.
• Across Europe, Germany's DAX trades higher by 99.01 pts or +0.59% at 16852.13, FTSE 100 higher by 0.58 pts or +0.01% at 7652.09, CAC 40 up 26.14 pts or +0.35% at 7606 and Euro Stoxx 50 up 22.27 pts or +0.49% at 4563.21.
• Dow Jones mini up 122 pts or +0.33% at 37383, S&P 500 mini up 11.75 pts or +0.25% at 4734, NASDAQ mini up 52.5 pts or +0.32% at 16594.25.