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E-Mini S&P Holds Onto Bulk of its Recent Gains

EQUITIES

Eurostoxx 50 futures remain firm and the contract has traded higher today and 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. A clear breach of the 4700.00 handle would pave the way for a climb towards 4725.50, a Fibonacci projection. Initial firm support lies at 4586.80, the 20-day EMA. A broader uptrend in S&P E-Minis remains intact and the contract is holding on to the bulk of its recent gains. The price has recently traded to fresh cycle highs, confirming a resumption of the uptrend. Recent corrections have been shallow - this also highlights a strong uptrend. The focus is on the psychological 5000.00 handle. On the downside, initial key short-term support has been defined at 4866.00, the Jan 31 low.


  • Japan's NIKKEI closed lower by 193.5 pts or -0.53% at 36160.66 and the TOPIX ended 17.46 pts lower or -0.68% at 2539.25.
  • Elsewhere, in China the SHANGHAI closed higher by 87.301 pts or +3.23% at 2789.486 and the HANG SENG ended 626.86 pts higher or +4.04% at 16136.87.
  • Across Europe, Germany's DAX trades lower by 1.69 pts or -0.01% at 16903.62, FTSE 100 higher by 38.58 pts or +0.51% at 7652.28, CAC 40 up 17.21 pts or +0.23% at 7607.69 and Euro Stoxx 50 up 12.56 pts or +0.27% at 4668.09.
  • Dow Jones mini down 34 pts or -0.09% at 38431, S&P 500 mini up 4.5 pts or +0.09% at 4966.5, NASDAQ mini up 46.5 pts or +0.26% at 17746.25.
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