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E-Mini S&P Steadies Following Turbulent Post-GDP Price Action

EQUITIES

EUROSTOXX 50 futures remain above support at 4097.00, Jan 19 low and the contract is trading just ahead of key short-term resistance at 4206.00, the Jan 18 high. A break of this level would confirm a resumption of the uptrend and pave the way for a climb towards 4215.00, a Fibonacci projection. Note that the trend remains overbought. A pullback, if seen, would be seen as a healthy bull trend correction. Support to watch is 4085.4, the 20-day EMA. S&P E-Minis traded higher Thursday and confirmed a resumption of the current uptrend. The breach of resistance paves the way for strength towards 4090.75, the Dec 14 high and leaves the 4100.00 handle exposed. Further out, an extension higher would open 4180.00, the Dec 13 high and a bull trigger. Initial firm support has been defined at 3949.56, the 50-day EMA. A move below the average would be seen as a bearish development.


  • Japan's NIKKEI closed higher by 19.81 pts or +0.07% at 27382.56 and the TOPIX ended 4.26 pts higher or +0.22% at 1982.66.
  • Across Europe, Germany's DAX trades higher by 15.56 pts or +0.1% at 15148.35, FTSE 100 higher by 5.72 pts or +0.07% at 7766.91, CAC 40 up 10.07 pts or +0.14% at 7106.06 and Euro Stoxx 50 up 3.18 pts or +0.08% at 4177.16.
  • Dow Jones mini down 43 pts or -0.13% at 33982, S&P 500 mini down 14.25 pts or -0.35% at 4061.5, NASDAQ mini down 79.25 pts or -0.65% at 12029.
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