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

The primary trend direction in Eurostoxx 50 futures remains up and the recent move lower appears to be a correction. MA studies are in a bull-mode position, signalling a rising trend cycle. Key short-term support to watch lies at 4444.00, the 50-day EMA. A break of it 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. Support at the 20-day EMA of 4754.67 has recently been pierced. A clear break of this average would strengthen a short-term bearish threat and open 4694.47, the lower band of a MA envelope. A move through this support would expose the 50-day EMA, at 4661.92. Key resistance and the bull trigger is at 4841.50, the Dec 28 high. Clearance of this level would resume the uptrend.

• Japan's NIKKEI closed higher by 678.54 pts or +2.01% at 34441.72 and the TOPIX ended 31.39 pts higher or +1.3% at 2444.48.
• Elsewhere, in China the SHANGHAI closed lower by 15.549 pts or -0.54% at 2877.702 and the HANG SENG ended 92.74 pts lower or -0.57% at 16097.28.
• Across Europe, Germany's DAX trades higher by 47.63 pts or +0.29% at 16723.11, FTSE 100 lower by 11.67 pts or -0.15% at 7670.52, CAC 40 up 14.61 pts or +0.2% at 7447.32 and Euro Stoxx 50 up 10.92 pts or +0.24% at 4479.77.
• Dow Jones mini down 8 pts or -0.02% at 37773, S&P 500 mini up 6.5 pts or +0.14% at 4800.75, NASDAQ mini up 61.25 pts or +0.36% at 16888.5.