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E-Mini S&P Remains Close to Recent Highs, Price Signals Bullish

EQUITIES

The trend condition in Eurostoxx 50 futures remains intact and last week’s fresh cycle highs reinforce current conditions. Moving average studies are in a bull-mode position and this continues to reflect positive market sentiment. Sights are on the psychological 5000.00 handle. Clearance of this level would strengthen the bullish condition. On the downside, initial firm support lies at 4867.30, the 20-day EMA. The trend condition in S&P E-Minis remains bullish and the contract remains closer to its recent highs. Fresh cycle highs reinforce current conditions and note that price action continues to highlight the fact that corrections remain shallow. This is an important bullish signal, reflecting positive market sentiment. Support to watch is 5168.27 the 20-day EMA. A clear break of this average would open 5057.80, the 50-day EMA. Sights are on 5300.00 next.


  • Japan's NIKKEI closed higher by 263.16 pts or +0.66% at 40003.6 and the TOPIX ended 28.98 pts higher or +1.06% at 2750.97.
  • Elsewhere, in China the SHANGHAI closed lower by 22.17 pts or -0.72% at 3062.756 and the HANG SENG ended 207.64 pts lower or -1.24% at 16529.48.
  • Across Europe, Germany's DAX trades higher by 17.48 pts or +0.1% at 17951.95, FTSE 100 higher by 6.92 pts or +0.09% at 7729.18, CAC 40 down 3.82 pts or -0.05% at 8145.12 and Euro Stoxx 50 down 2.06 pts or -0.04% at 4980.87.
  • Dow Jones mini up 6 pts or +0.02% at 39228, S&P 500 mini down 4.75 pts or -0.09% at 5209.5, NASDAQ mini down 37.5 pts or -0.21% at 18191.
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