E-Mini S&P Returns Back Towards This Week's Highs

Eurostoxx 50 futures remain in a bull cycle. The contract has resumed its uptrend and traded to a fresh cycle high. This reinforces current conditions and the importance of the recent break of resistance at 4634.00, the Dec 14 high. Moving average studies are in a bull-mode position, highlighting positive market sentiment. Sights are on 4788.10, a Fibonacci projection. Initial firm support lies at 4664.80, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish. The pullback from Monday’s 5066.50 high is considered corrective and support to watch lies at 4957.27, the 20-day EMA. A clear break of this average would suggest potential for a deeper retracement, possibly towards the 4866.00 key support, the Jan 31 low. The trigger for a resumption of gains is 5066.50, the Feb 12 high.

• Japan's NIKKEI closed higher by 329.3 pts or +0.86% at 38487.24 and the TOPIX ended 32.88 pts higher or +1.27% at 2624.73.
• Across Europe, Germany's DAX trades higher by 125.6 pts or +0.74% at 17171.36, FTSE 100 higher by 53.13 pts or +0.7% at 7649.23, CAC 40 up 45.41 pts or +0.59% at 7788.08 and Euro Stoxx 50 up 31.36 pts or +0.66% at 4774.2.
• Dow Jones mini down 25 pts or -0.06% at 38830, S&P 500 mini up 9.75 pts or +0.19% at 5055.75, NASDAQ mini up 104.5 pts or +0.58% at 18016.75.