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E-Mini S&P Remains Close to This Week's Highs

EQUITIES

Eurostoxx 50 futures maintain a firmer tone and the contract has traded higher this week. Recent gains have resulted in a breach of the 20-day EMA, and resistance at 4990.00, Apr 15 high, highlighting a stronger reversal. Wednesday’s break of 5006.00, the Apr 4 high, reinforces the current bullish condition. Sights are on the bull trigger at 5079.00, Apr 2 high. Key support is 4762.00, the Apr 19 low. Initial support to watch is 4890.80, the 50-day EMA. S&P E-Minis have traded higher this week, extending the current bull cycle. Price has moved through resistance at the 20-day EMA - a bullish development. This highlights scope for a continuation higher that would expose the key resistance and bull trigger at 5333.50, the Apr 1 high. Initial resistance is 5246.18, a Fibonacci retracement. Initial firm support lies at 5036.25, the May 2 low.


  • Japan's NIKKEI closed lower by 128.39 pts or -0.34% at 38073.98 and the TOPIX ended 7.03 pts higher or +0.26% at 2713.46.
  • Elsewhere, in China the SHANGHAI closed higher by 25.84 pts or +0.83% at 3154.32 and the HANG SENG ended 223.95 pts higher or +1.22% at 18537.81.
  • Across Europe, Germany's DAX trades higher by 36.45 pts or +0.2% at 18534.83, FTSE 100 higher by 7.04 pts or +0.08% at 8361.23, CAC 40 down 14.98 pts or -0.18% at 8116.43 and Euro Stoxx 50 down 21.15 pts or -0.42% at 5017.02.
  • Dow Jones mini down 70 pts or -0.18% at 39125, S&P 500 mini down 12.5 pts or -0.24% at 5200.25, NASDAQ mini down 61.25 pts or -0.34% at 18124.75.
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