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E-Mini S&P Trading Close to Last Week's Highs

EQUITIES

A bullish theme in Eurostoxx 50 futures remains intact and the contract is trading at its recent highs. Moving average studies are in a bull-mode position - this continues to highlight positive market sentiment. Price is approaching the psychological 5000.00 handle next. Further out, scope is seen for a climb towards a bull channel top at 5042.10. The channel is drawn from the Oct 27 low. Initial firm support lies at 4873.00, the 20-day EMA. The trend condition in S&P E-Minis remains bullish and the latest pullback is considered corrective. Last week’s fresh highs reinforce current conditions. Note that price action continues to highlight the fact that corrections remain shallow. This is an important bullish signal highlighting positive market sentiment. Support to watch is 5147.25 the 20-day EMA. A clear break of this average would open 5031.12, the 50-day EMA. Sights are on 5300.00 next.


  • Japan's NIKKEI closed lower by 101.54 pts or -0.26% at 38695.97 and the TOPIX ended 8.73 pts lower or -0.33% at 2648.51.
  • Elsewhere, in China the SHANGHAI closed lower by 12.1 pts or -0.4% at 3043.835 and the HANG SENG ended 11.39 pts lower or -0.07% at 17082.11.
  • Across Europe, Germany's DAX trades higher by 10.06 pts or +0.06% at 17975.16, FTSE 100 lower by 0.56 pts or -0.01% at 7747.13, CAC 40 up 12.55 pts or +0.16% at 8100.03 and Euro Stoxx 50 up 6.66 pts or +0.13% at 4989.86.
  • Dow Jones mini down 1 pts or 0% at 39031, S&P 500 mini down 2.25 pts or -0.04% at 5175, NASDAQ mini down 24.25 pts or -0.13% at 18203.5.
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