E-Mini S&P Remains Close to Post-Fed Lows

Eurostoxx 50 futures remain firm and the contract is holding on to its recent gains. Key resistance at the Dec 14 high has recently been cleared. The break confirms a resumption of the medium-term uptrend and sights are on the 4700.00 handle next. Initial firm support lies at 4558.90, the 20-day EMA. Key trend support has been defined at 4402.00, the Jan 17 low. A short-term pullback would be considered corrective. The uptrend in S&P E-Minis remains intact and this week’s fresh cycle highs, reinforce current conditions. Resistance at 4841.50, the Dec 28 high, has recently been cleared. This confirmed an extension of the price sequence of higher highs and higher lows. Moving average studies remain in a bull-mode condition too, highlighting positive market sentiment. Sights are on 4982.62 next, a Fibonacci projection. Key support lies at 4753.05, the 50-day EMA.

• Japan's NIKKEI closed lower by 275.25 pts or -0.76% at 36011.46 and the TOPIX ended 17.06 pts lower or -0.67% at 2534.04.
• Elsewhere, in China the SHANGHAI closed lower by 17.808 pts or -0.64% at 2770.74 and the HANG SENG ended 81.14 pts higher or +0.52% at 15566.21.
• Across Europe, Germany's DAX trades lower by 48.97 pts or -0.29% at 16848.92, FTSE 100 higher by 29.7 pts or +0.39% at 7660.8, CAC 40 down 54.24 pts or -0.71% at 7600.97 and Euro Stoxx 50 down 13.41 pts or -0.29% at 4633.71.
• Dow Jones mini up 39 pts or +0.1% at 38325, S&P 500 mini up 14.25 pts or +0.29% at 4886, NASDAQ mini up 90.75 pts or +0.53% at 17340.25.