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E-Mini S&P Stages Shallow Bounce After Tuesday Dip

EQUITIES

Eurostoxx 50 futures remain above Friday’s low of 4175.00. Key support to watch is 4183.90, the base of a bull channel drawn from the Oct 13 low. While channel support holds, the broader uptrend remains intact and a continuation higher near-term would expose the bull trigger at 4323.00, Feb 16 high. A break of this hurdle would resume the broader uptrend. On the downside, a breach of the channel base would alter the picture. S&P E-Minis trend conditions remain bearish and short-term signals suggest scope for an extension lower near-term. The contract continues to trade below the 50-day EMA, at 4023.15 and sights are set on 3901.75, the Jan 19 low and 3887.62, the 76.4% retracement of the Dec 22 - Feb 2 bull cycle. Resistance to watch is 4047.25, the 20-day EMA. Note that a clear break of both the 50- and 20-day EMAs would signal a possible reversal.


  • Japan's NIKKEI closed higher by 70.97 pts or +0.26% at 27516.53 and the TOPIX ended 4.53 pts higher or +0.23% at 1997.81.
  • Elsewhere, in China the SHANGHAI closed higher by 32.743 pts or +1% at 3312.348 and the HANG SENG ended 833.77 pts higher or +4.21% at 20619.71.
  • Across Europe, Germany's DAX trades higher by 70.48 pts or +0.46% at 15436.11, FTSE 100 higher by 34.59 pts or +0.44% at 7910.83, CAC 40 up 30.22 pts or +0.42% at 7298.15 and Euro Stoxx 50 up 20.92 pts or +0.49% at 4259.3.
  • Dow Jones mini up 82 pts or +0.25% at 32763, S&P 500 mini up 12.25 pts or +0.31% at 3987.75, NASDAQ mini up 48 pts or +0.4% at 12121.25.
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