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E-Mini S&P Holding Onto This Week's Gains

EQUITIES

Eurostoxx 50 futures traded higher yesterday and again delivered fresh cycle highs, confirming a resumption of the current uptrend. This reinforces the bullish importance of the recent break of a key resistance at the Dec 14 high of 4634.00. The clear breach of the 4700.00 handle paves the way for a climb towards 4725.50, a Fibonacci projection. Initial firm support lies at 4607.40, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish - yesterday’s gains reinforce current conditions. The contract has traded to a fresh cycle high, confirming a resumption of the uptrend. Recent corrections have been shallow - this also highlights a strong uptrend. The focus is on 5050.14, a Fibonacci projection. On the downside, initial key short-term support has been defined at 4866.00, the Jan 31 low.


  • Japan's NIKKEI closed higher by 743.36 pts or +2.06% at 36863.28 and the TOPIX ended 12.68 pts higher or +0.5% at 2562.63.
  • Elsewhere, in China the SHANGHAI closed higher by 36.207 pts or +1.28% at 2865.903 and the HANG SENG ended 203.82 pts lower or -1.27% at 15878.07.
  • Across Europe, Germany's DAX trades higher by 37.04 pts or +0.22% at 16958.21, FTSE 100 higher by 22.8 pts or +0.3% at 7651.15, CAC 40 up 41.31 pts or +0.54% at 7652.57 and Euro Stoxx 50 up 22.95 pts or +0.49% at 4701.8.
  • Dow Jones mini up 3 pts or +0.01% at 38778, S&P 500 mini down 2.25 pts or -0.04% at 5013, NASDAQ mini up 9.75 pts or +0.05% at 17851.75.
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