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.