E-Mini S&P Remains Bullish Despite Yesterday's Slight Pullback

A bullish theme in Eurostoxx 50 futures remains intact. MA studies are in a bull-mode position signalling a rising cycle and the potential for a continuation higher. The focus is on 4388.00, the Aug 30 high. It has been pierced, a clear break of it would open 4400.00 and 4446.00, the Aug 10 high. Initial firm support to watch is at 4298.50, the 20-day EMA. Note that the trend condition is overbought, a move lower would allow this overbought reading to unwind. A bullish theme in S&P e-minis remains intact and the contract traded higher yesterday, before pulling back. The outlook remains bullish. A strong rally on Nov 14 resulted in the break of a trendline drawn from the Jul 27 high. This breach and the subsequent rally, reinforces bullish conditions and opens 4597.50, the Sep 1 high. MA studies are in a bull-mode position highlighting an uptrend. Initial firm support is seen at 4481.71, the 20-day EMA.

• Japan's NIKKEI closed higher by 165.67 pts or +0.5% at 33486.89 and the TOPIX ended 10.43 pts higher or +0.44% at 2374.93.
• Elsewhere, in China the SHANGHAI closed higher by 7.985 pts or +0.26% at 3029.673 and the HANG SENG ended 49.44 pts higher or +0.29% at 17042.88.
• Across Europe, Germany's DAX trades higher by 29.52 pts or +0.18% at 16194.51, FTSE 100 higher by 20.98 pts or +0.28% at 7444.08, CAC 40 up 11.81 pts or +0.16% at 7279.31 and Euro Stoxx 50 up 3.15 pts or +0.07% at 4373.29.
• Dow Jones mini up 139 pts or +0.39% at 35627, S&P 500 mini up 5.25 pts or +0.12% at 4564.5, NASDAQ mini up 21.75 pts or +0.14% at 16045.25.