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E-Mini S&P Ease Off Thursday Highs

EQUITIES

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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