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E-Mini S&P, Eurostoxx 50 Futures Remain in Technical Uptrend

EQUITIES

Eurostoxx 50 futures maintain a firmer tone and the contract has traded to a fresh trend high today of 4299.00. Price has recently breached resistance at 4268.00, the Mar 6 high and a key hurdle for bulls. The break of this level strengthens bullish conditions with sights on 4300.00. Moving average studies are in a bull-mode set-up and this highlights a broader uptrend. Initial firm support lies at 4180.90, the 20-day EMA. S&P E-minis remain in an uptrend and the latest pullback is considered corrective. Price has recently breached resistance at 4119.50, the Mar 6 high, reinforcing a bullish theme. The move higher has also resulted in a break of 4148.48, 76.4% of the Feb 2 - Mar 13 downleg. This signals scope for an extension towards 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key M/T resistance. Firm support lies at 4050.52, the 50-day EMA.


  • Japan's NIKKEI closed higher by 289.71 pts or +1.05% at 27923.37 and the TOPIX ended 15.32 pts higher or +0.78% at 1991.85.
  • Elsewhere, in China the SHANGHAI closed lower by 1.787 pts or -0.05% at 3313.571 and the HANG SENG ended 115.38 pts higher or +0.57% at 20446.58.
  • Across Europe, Germany's DAX trades higher by 84.98 pts or +0.54% at 15683.11, FTSE 100 higher by 34.74 pts or +0.45% at 7775.96, CAC 40 up 57.89 pts or +0.79% at 7382.01 and Euro Stoxx 50 up 24.89 pts or +0.58% at 4333.91.
  • Dow Jones mini up 11 pts or +0.03% at 33759, S&P 500 mini up 3.75 pts or +0.09% at 4140, NASDAQ mini up 18 pts or +0.14% at 13175.75.
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