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E-Mini S&P Recovers From Thursday's Fresh February Low

EQUITIES

Dip buyers emerged in EUROSTOXX 50 futures again Wednesday, with prices rapidly bouncing off the 4211.00 lows. Momentum carried through to the Thursday close, to keep the very short-term view somewhat constructive. Nonetheless, prices remain just below first major resistance at 4303.20, the 2.382 proj of the Sep 29 - Oct 4 rise from Dec 20 low, but still above 4265.00, the Feb 3 high. Note that the trend is overbought. A pullback would represent a healthy correction. Key support lies at 4097.00, the Jan 19 low. Initial support is at 4231.1, the 20-day EMA. Further slippage Wednesday put the S&P E-Minis to fresh February lows, with weakness extending through the close. This puts prices below first support at the 50-day EMA at 4031.50 and tilts the near-term view lower. 3901.75 marks next support, the Jan 19 low, although vol band support at 3954.8 could slow any decline. For the outlook to improve, bulls look for a close above the mid-week high at 4034.25.


  • Japan's NIKKEI closed higher by 349.16 pts or +1.29% at 27453.48 and the TOPIX ended 13.15 pts higher or +0.67% at 1988.4.
  • Elsewhere, in China the SHANGHAI closed lower by 20.317 pts or -0.62% at 3267.16 and the HANG SENG ended 341.31 pts lower or -1.68% at 20010.04.
  • Across Europe, Germany's DAX trades higher by 15.07 pts or +0.1% at 15492.17, FTSE 100 higher by 24.38 pts or +0.31% at 7931.72, CAC 40 up 19.48 pts or +0.27% at 7336.3 and Euro Stoxx 50 up 8.06 pts or +0.19% at 4266.32.
  • Dow Jones mini down 57 pts or -0.17% at 33121, S&P 500 mini down 10.75 pts or -0.27% at 4007.75, NASDAQ mini down 73.75 pts or -0.6% at 12134.

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