E-Mini S&P Narrows Gap to Last Week's Cycle Highs

A bullish theme in Eurostoxx 50 futures remains intact and the contract traded higher Wednesday. Moving average studies are in a bull-mode position - this continues to highlight positive market sentiment. Price has pierced the psychological 5000.00 handle. Scope is seen for a climb towards a bull channel top at 5048.80. The channel is drawn from the Oct 27 low. Initial firm support lies at 4885.50, the 20-day EMA. The trend condition in S&P E-Minis remains bullish. Last week’s fresh cycle highs reinforce current conditions. Note that price action continues to highlight the fact that corrections remain shallow. This is an important bullish signal highlighting positive market sentiment. Support to watch is 5155.37 the 20-day EMA. A clear break of this average would open 5039.01, the 50-day EMA. Sights are on 5300.00 next.

• Japan's NIKKEI closed higher by 111.41 pts or +0.29% at 38807.38 and the TOPIX ended 13.08 pts higher or +0.49% at 2661.59.
• Elsewhere, in China the SHANGHAI closed lower by 5.601 pts or -0.18% at 3038.234 and the HANG SENG ended 120.45 pts lower or -0.71% at 16961.66.
• Across Europe, Germany's DAX trades higher by 49.48 pts or +0.28% at 18011.84, FTSE 100 lower by 0.47 pts or -0.01% at 7771.75, CAC 40 up 44.37 pts or +0.55% at 8181.95 and Euro Stoxx 50 up 17.78 pts or +0.36% at 5018.33.
• Dow Jones mini up 118 pts or +0.3% at 39185, S&P 500 mini up 16.25 pts or +0.31% at 5184.5, NASDAQ mini up 82.5 pts or +0.46% at 18164.