E-Mini S&P Holds Onto Post-Fed Gains, Targets $4800 Next

A bullish theme in Eurostoxx 50 futures remains intact and the contract has traded to a fresh trend high today. This confirms, once again, a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position too, signalling a rising cycle. The focus is on 4608.00, the Jun 2007 high and a key resistance. Support to watch is at 4423.00, the 20-day EMA. A bullish theme in S&P e-minis remains intact and the contract traded sharply higher yesterday. Price is firmer again today and confirms a resumption of the uptrend that started Oct 27. Note too that the contract has cleared resistance at 4738.50, the Jul 27 high, reinforcing current positive trend conditions. This signals scope for a climb towards 4800.00 next. On the downside, initial firm support lies at 4617.32, the 20-day EMA.

• Japan's NIKKEI closed lower by 240.1 pts or -0.73% at 32686.25 and the TOPIX ended 33.57 pts lower or -1.43% at 2321.35.
• Elsewhere, in China the SHANGHAI closed lower by 9.774 pts or -0.33% at 2958.986 and the HANG SENG ended 173.44 pts higher or +1.07% at 16402.19.
• Across Europe, Germany's DAX trades higher by 118.42 pts or +0.71% at 16882.87, FTSE 100 higher by 143.77 pts or +1.9% at 7691.62, CAC 40 up 71.52 pts or +0.95% at 7602.66 and Euro Stoxx 50 up 34.34 pts or +0.76% at 4564.89.
• Dow Jones mini up 34 pts or +0.09% at 37148, S&P 500 mini up 6.75 pts or +0.14% at 4715.75, NASDAQ mini up 49 pts or +0.3% at 16614.