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E-Mini S&P Extends Recovery From Wednesday's Low

EQUITIES

Eurostoxx 50 futures have this week breached support at the Jan 5 low of 4444.0. The primary trend direction is up and the recent move lower is considered corrective. However, the break below 4444.00 and 4450.70, the 50-day EMA, does suggest scope for an extension of the current bear cycle. A continuation lower would open 4370.00, the Nov 28 low. Initial resistance is 4536.00, the Jan 11 high. A break would highlight a potential reversal.S&P E-Minis have recovered from Wednesday’s low and this is seen as a short-term bullish development. Key resistance and the bull trigger is unchanged at 4841.50, the Dec 28 high. A break of this level would resume the uptrend and open 4854.75, the 1.00 projection of the Nov 10 - Dec 1 - 7 price swing. Initial support is at 4746.25, the Jan 17 low. The 50-day EMA, at 4692.39, remains the key support.


  • Japan's NIKKEI closed higher by 497.1 pts or +1.4% at 35963.27 and the TOPIX ended 17.94 pts higher or +0.72% at 2510.03.
  • Elsewhere, in China the SHANGHAI closed lower by 13.505 pts or -0.47% at 2832.279 and the HANG SENG ended 83.1 pts lower or -0.54% at 15308.69.
  • Across Europe, Germany's DAX trades higher by 64.13 pts or +0.39% at 16631.1, FTSE 100 higher by 49.96 pts or +0.67% at 7507.43, CAC 40 up 25.78 pts or +0.35% at 7425.79 and Euro Stoxx 50 up 18.99 pts or +0.43% at 4471.45.
  • Dow Jones mini up 62 pts or +0.16% at 37721, S&P 500 mini up 16 pts or +0.33% at 4827.5, NASDAQ mini up 106 pts or +0.62% at 17218.
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