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 last week. 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 4636.7, a long-term Fibonacci retracement. Support to watch is at 4480.80, 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 last week confirmed 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 4645.17, the 20-day EMA.

• Japan's NIKKEI closed lower by 211.57 pts or -0.64% at 32758.98 and the TOPIX ended 15.42 pts lower or -0.66% at 2316.86.
• Elsewhere, in China the SHANGHAI closed lower by 11.753 pts or -0.4% at 2930.804 and the HANG SENG ended 162.96 pts lower or -0.97% at 16629.23.
• Across Europe, Germany's DAX trades lower by 19.25 pts or -0.11% at 16733.16, FTSE 100 higher by 35.59 pts or +0.47% at 7611.5, CAC 40 down 22.45 pts or -0.3% at 7574.48 and Euro Stoxx 50 down 10.91 pts or -0.24% at 4538.59.
• Dow Jones mini up 73 pts or +0.19% at 37737, S&P 500 mini up 12.25 pts or +0.26% at 4780.5, NASDAQ mini up 25.5 pts or +0.15% at 16846.75.