E-Mini S&P Targets Early-2022 Highs

A bullish theme in Eurostoxx 50 futures remains intact and the latest pullback is considered corrective. Last week’s gains confirm, once again, a resumption of the uptrend and maintain a bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position too, signalling a rising cycle. The focus is on 4636.70, a long-term Fibonacci retracement. Support to watch is at 4488.10, the 20-day EMA. A bullish theme in S&P e-minis remains intact and the contract traded higher Monday. The rally last week confirmed a resumption of the uptrend that started Oct 27. Note too that the contract has cleared resistance at 4738.50, the Jul 27 high, reinforcing current positive trend conditions. This signals scope for a climb towards 4808.25 next, Jan 4 2022 high. On the downside, initial firm support lies at 4659.25, the 20-day EMA.

• Japan's NIKKEI closed higher by 460.41 pts or +1.41% at 33219.39 and the TOPIXended 16.95 pts higher or +0.73% at 2333.81.
  
• Elsewhere, in China the SHANGHAIclosed higher by 1.587 pts or +0.05% at 2932.391 and the HANG SENG ended 124.23 pts lower or -0.75% at 16505.
  
• Across Europe, Germany's DAX trades higher by 44.31 pts or +0.27% at 16694.44, FTSE 100 higher by 15.83 pts or +0.21% at 7630.18, CAC 40 up 3.31 pts or +0.04% at 7571.8 and Euro Stoxx 50up 10.01 pts or +0.22% at 4531.06.
  
• Dow Jones mini up 14 pts or +0.04% at 37692, S&P 500 mini up 3.25 pts or +0.07% at 4796.25, NASDAQ mini up 1.75 pts or +0.01% at 16941.25.