E-Mini S&P Trades Close to Trendline Resistance

A short-term bull cycle in Eurostoxx 50 futures remains intact and the contract is holding on to its recent gains. Price has recently traded through resistance at both the 20- and 50-day EMAs. The clear break of the 50-day EMA, at 4186.70, signals scope for a stronger bull cycle and opens 4256.00, the Oct 12 high. On the downside, key support and the bear trigger lies at 4001.0, the Oct 27 low. Initial support is at 4153.90, the 20-day EMA. S&P e-minis maintain a firmer short-term tone and the contract traded to a fresh short-term high on Friday. This reinforces bullish conditions and has also resulted in a test of trendline resistance at 4428.75. The trendline is drawn from the Jul 27 high and a clear break of it would strengthen current bullish conditions. This would open 4470.18, a Fibonacci retracement. Initial firm support lies at 4332.18, the 20-day EMA.

• Japan's NIKKEI closed higher by 17 pts or +0.05% at 32585.11 and the TOPIX ended 0.1 pts lower or 0% at 2336.62.
• Elsewhere, in China the SHANGHAI closed higher by 7.563 pts or +0.25% at 3046.533 and the HANG SENG ended 222.95 pts higher or +1.3% at 17426.21.
• Across Europe, Germany's DAX trades higher by 86.42 pts or +0.57% at 15320.07, FTSE 100 higher by 55.81 pts or +0.76% at 7415.95, CAC 40 up 51.57 pts or +0.73% at 7096.61 and Euro Stoxx 50 up 34.31 pts or +0.82% at 4231.67.
• Dow Jones mini down 11 pts or -0.03% at 34327, S&P 500 mini down 9.5 pts or -0.21% at 4421, NASDAQ mini down 50.25 pts or -0.32% at 15545.5.