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E-Mini S&P Extends Current Bull Cycle

EQUITIES

Eurostoxx 50 futures build on the recent firm tone and the contract has traded higher again early Friday. Recent gains have resulted in a breach of the 20-day EMA, and resistance at 4990.00, Apr 15 high, highlighting a stronger reversal. Wednesday’s break of 5006.00, the Apr 4 high, reinforces the current bullish condition. Sights are on the bull trigger at 5079.00, Apr 2 high. Key support is 4762.00, the Apr 19 low. Initial support to watch is 4890.80, the 50-day EMA. S&P E-Minis have traded higher this week, extending the current bull cycle. Price has moved through resistance at the 20-day EMA - a bullish development. This highlights scope for a continuation higher that would expose the key resistance and bull trigger at 5333.50, the Apr 1 high. Initial resistance is 5246.18, a Fibonacci retracement. Initial firm support lies at 5036.25, the May 2 low.


  • Japan's NIKKEI closed higher by 155.13 pts or +0.41% at 38229.11 and the TOPIX ended 14.75 pts higher or +0.54% at 2728.21.
  • Elsewhere, in China the SHANGHAI closed higher by 0.227 pts or +0.01% at 3154.547 and the HANG SENG ended 425.87 pts higher or +2.3% at 18963.68.
  • Across Europe, Germany's DAX trades higher by 130.13 pts or +0.7% at 18816.26, FTSE 100 higher by 47.85 pts or +0.57% at 8429.23, CAC 40 up 53.06 pts or +0.65% at 8239.56 and Euro Stoxx 50 up 32.46 pts or +0.64% at 5086.49.
  • Dow Jones mini up 74 pts or +0.19% at 39609, S&P 500 mini up 12.25 pts or +0.23% at 5251.25, NASDAQ mini up 51 pts or +0.28% at 18264.75.
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