E-Mini S&P Remains Within Close Proximity to Bull Trigger at $4841.50

Eurostoxx 50 futures remain in consolidation mode. The primary trend direction is up and the recent move lower is considered corrective. MA studies are in a bull-mode position, signalling a rising trend cycle. Key S/T support is 4448.80, the 50-day EMA. A break of this average would signal scope for a deeper retracement and open 4370.00, the Nov 28 low. For bulls, the trigger for a resumption of the uptrend is 4634.00, the Dec 14 high. S&P E-Minis have remained above the Jan 5 low and the contract traded higher last week. Key resistance and the bull trigger is unchanged at 4841.50, the Dec 28 high. A break of this level would resume the uptrend and open 4854.75, a Fibonacci projection. Support at the 20-day EMA of 4770.92 has recently been pierced. A clear break of this average would strengthen a short-term bearish threat and open the 50-day EMA, at 4679.50.

• Japan's NIKKEI closed higher by 324.68 pts or +0.91% at 35901.79 and the TOPIX ended 30.37 pts higher or +1.22% at 2524.6.
• Elsewhere, in China the SHANGHAI closed higher by 4.314 pts or +0.15% at 2886.291 and the HANG SENG ended 28.25 pts lower or -0.17% at 16216.33.
• Across Europe, Germany's DAX trades lower by 13.95 pts or -0.08% at 16690.76, FTSE 100 lower by 2.83 pts or -0.04% at 7621.81, CAC 40 down 11.43 pts or -0.15% at 7453.73 and Euro Stoxx 50 down 4.15 pts or -0.09% at 4475.95.
• Dow Jones mini down 16 pts or -0.04% at 37773, S&P 500 mini down 1.25 pts or -0.03% at 4815, NASDAQ mini up 4.75 pts or +0.03% at 16973.5.