E-Mini S&P Steadies Close to Cycle Highs

A short-term bull cycle in Eurostoxx 50 futures remains intact and the contract is holding on to this week’s highs. Moving average studies are in a bull-mode position signalling a rising cycle and the potential for a continuation higher. The recent breach of resistance at 4256.00, the Oct 12 high, reinforced the bullish theme. The focus is on 4388.00, the Aug 30 high. Initial firm support to watch is at 4263.00, the 20-day EMA. A bullish theme in S&P e-minis remains intact. Recent gains have resulted in the break of a trendline drawn from the Jul 27 high. This breach reinforces bullish conditions and signals scope for a climb towards 4597.50, the Sep 1 high. Moving average studies are in a bull-mode position highlighting an uptrend. On the downside, initial firm support is seen at 4441.90, the 20-day EMA.

• Japan's NIKKEI closed higher by 173.7 pts or +0.52% at 33625.53 and the TOPIX ended 12.75 pts higher or +0.54% at 2390.94.
• Elsewhere, in China the SHANGHAI closed lower by 20.884 pts or -0.68% at 3040.972 and the HANG SENG ended 351.42 pts lower or -1.96% at 17559.42.
• Across Europe, Germany's DAX trades higher by 9.61 pts or +0.06% at 16003.68, FTSE 100 lower by 25.75 pts or -0.34% at 7457.83, CAC 40 up 5.12 pts or +0.07% at 7283.4 and Euro Stoxx 50 up 3.36 pts or +0.08% at 4364.6.
• Dow Jones mini up 61 pts or +0.17% at 35379, S&P 500 mini up 5.25 pts or +0.11% at 4572.5, NASDAQ mini up 16 pts or +0.1% at 16065.