Free Trial

E-Mini S&P Trading Close to Recent Highs


A bull cycle in Eurostoxx 50 futures remains firmly intact and the contract has again traded higher this week. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 4939.30 next, a Fibonacci projection. Further out, scope is seen for a climb towards a bull channel top at 4988.60. The channel is drawn from the Oct 27 low. Initial firm support lies at 4785.90, the 20-day EMA. The trend condition in S&P E-Minis remains bullish and the contract continues to trade closer to its recent highs. Price action continues to highlight the fact that corrections remain shallow - a bullish signal. Support to watch is 5024.54, the 20-day EMA. A clear break of this average would signal potential for a deeper retracement towards 4936.50, the Feb 13 low. A resumption of gains would open vol-band based resistance at 5153.29.

  • Japan's NIKKEI closed higher by 744.63 pts or +1.9% at 39910.82 and the TOPIX ended 33.69 pts higher or +1.26% at 2709.42.
  • Elsewhere, in China the SHANGHAI closed higher by 11.85 pts or +0.39% at 3027.021 and the HANG SENG ended 78 pts higher or +0.47% at 16589.44.
  • Across Europe, Germany's DAX trades higher by 114.17 pts or +0.65% at 17792.56, FTSE 100 higher by 59.52 pts or +0.78% at 7688.78, CAC 40 up 14.78 pts or +0.19% at 7942.74 and Euro Stoxx 50 up 20 pts or +0.41% at 4897.99.
  • Dow Jones mini down 15 pts or -0.04% at 39030, S&P 500 mini up 5.75 pts or +0.11% at 5110, NASDAQ mini up 54.25 pts or +0.3% at 18139.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.