E-Mini S&P Extends Recovery from Last Friday's Lows

The primary trend direction in Eurostoxx 50 futures remains up and the recent move lower is considered corrective. Moving studies are in a bull-mode position, signalling a rising trend cycle. Key short-term support to watch is 4445.90, the 50-day EMA. A break of this average would signal scope for a deeper retracement and open 4370.00, the Nov 28 low. For bulls, a reversal higher would refocus attention on 4634.00, the Dec 14 high and bull trigger. S&P E-Minis have recovered from last Friday’s low and the contract is again trading higher. Key resistance and the bull trigger is at 4841.50, the Dec 28 high. Clearance of this level would resume the uptrend and open 4854.75, a Fibonacci projection. Support at the 20-day EMA of 4760.92 has recently been pierced. A clear break of this average would strengthen a short-term bearish threat and open the 50-day EMA, at 4668.13.

• Japan's NIKKEI closed higher by 608.14 pts or +1.77% at 35049.86 and the TOPIX ended 38.39 pts higher or +1.57% at 2482.87.
• Elsewhere, in China the SHANGHAI closed higher by 8.948 pts or +0.31% at 2886.65 and the HANG SENG ended 204.76 pts higher or +1.27% at 16302.04.
• Across Europe, Germany's DAX trades higher by 65.95 pts or +0.4% at 16756, FTSE 100 higher by 12.56 pts or +0.16% at 7664.81, CAC 40 up 29.31 pts or +0.39% at 7455.39 andEuro Stoxx 50 up 21.34 pts or +0.48% at 4490.39.
• Dow Jones mini up 37 pts or +0.1% at 37974, S&P 500 mini up 8 pts or +0.17% at 4828.5, NASDAQ mini up 58.5 pts or +0.35% at 17004.5.