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E-Mini S&P Trading at Fresh Cycle High Following Fed

EQUITIES

A bullish trend condition in Eurostoxx 50 futures remains intact and today’s gains reinforce current conditions. The contract has traded above its recent high to confirm a resumption of the uptrend and this has also resulted in a break of the 5000.00 handle. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 5074.7, a Fibonacci projection. Initial firm support is at 4884.30, the 20-day EMA. The trend condition in S&P E-Minis remains bullish and this week’s extension reinforces this theme. The break of 5257.25, Mar 8 high, confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. MA studies are in a bull-mode position reflecting positive market sentiment. Sights are on 5370.81, the top of a bull channel drawn from the Jan 17 low. Initial firm support is at 5185.88, the 20-day EMA.


  • Japan's NIKKEI closed higher by 812.06 pts or +2.03% at 40815.66 and the TOPIX ended 45.24 pts higher or +1.64% at 2796.21.
  • Elsewhere, in China the SHANGHAI closed lower by 2.573 pts or -0.08% at 3077.113 and the HANG SENG ended 320.03 pts higher or +1.93% at 16863.1.
  • Across Europe, Germany's DAX trades higher by 134.86 pts or +0.75% at 18148.78, FTSE 100 higher by 85.46 pts or +1.1% at 7822.59, CAC 40 up 36.6 pts or +0.45% at 8198.01 and Euro Stoxx 50 up 43.92 pts or +0.88% at 5044.23.
  • Dow Jones mini up 117 pts or +0.29% at 40058, S&P 500 mini up 22.5 pts or +0.43% at 5309, NASDAQ mini up 143.25 pts or +0.78% at 18621.75.
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