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E-Mini S&P Ease Off Thursday Highs


The EUROSTOXX 50 futures trend needle points north. The contract has breached resistance at 4206.00, the Jan 18 high. The clear break of this level confirms a resumption of the current uptrend and paves the way for gains towards 4269.50, a Fibonacci projection. Note that the trend remains overbought. A pullback, if seen, would represent a healthy correction. A break of 4097.00, the Jan 19 low, would signal the start of a short-term bear cycle.S&P E-Minis traded higher Wednesday and in the process cleared recent highs to confirm a resumption of the current bull cycle that started Dec 22. A key resistance and a bull trigger at 4180.00, the Dec 13 high, has been pierced. A clear break of this level would confirm a resumption of a broader uptrend and open 4250.00, the Aug 26 2022 high. Initial firm support has been defined at 4007.50, the Jan 31 low.

  • Japan's NIKKEI closed higher by 107.41 pts or +0.39% at 27509.46 and the TOPIX ended 5.09 pts higher or +0.26% at 1970.26.
  • Elsewhere, in China the SHANGHAI closed lower by 22.264 pts or -0.68% at 3263.406 and the HANG SENG ended 297.89 pts lower or -1.36% at 21660.47.
  • Across Europe, Germany's DAX trades lower by 110.24 pts or -0.71% at 15399.4, FTSE 100 higher by 13.87 pts or +0.18% at 7833.71, CAC 40 down 28.37 pts or -0.4% at 7137.9 and Euro Stoxx 50 down 20.15 pts or -0.48% at 4220.97.
  • Dow Jones mini down 77 pts or -0.23% at 34020, S&P 500 mini down 31.75 pts or -0.76% at 4159.75, NASDAQ mini down 212.75 pts or -1.66% at 12634.25.

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