E-Mini S&P Trend Condition Bullish Despite Latest Pullback

Eurostoxx 50 futures remain in a bull cycle. The contract has resumed its uptrend and traded to a fresh cycle high. This reinforces current conditions and the importance of the recent break of resistance at 4634.00, the Dec 14 high. Moving average studies are in a bull-mode position, highlighting positive market sentiment. Sights are on 4800.00 and 4848.00, a Fibonacci projection. Initial firm support lies at 4664.80, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish, despite the pullback off last week’s highs. The weakness off 5066.50 is considered corrective and support to watch lies at 4957.27, the 20-day EMA. A clear break of this average would suggest potential for a deeper retracement, possibly towards the 4866.00 key support, the Jan 31 low. The trigger for a resumption of gains is 5066.50, the Feb 12 high.

• Japan's NIKKEI closed lower by 106.77 pts or -0.28% at 38363.61 and the TOPIX ended 7.39 pts lower or -0.28% at 2632.3.
• Elsewhere, in China the SHANGHAI closed higher by 12.186 pts or +0.42% at 2922.73 and the HANG SENG ended 91.9 pts higher or +0.57% at 16247.51.
• Across Europe, Germany's DAX trades lower by 54.94 pts or -0.32% at 17042.31, FTSE 100 lower by 6.32 pts or -0.08% at 7723.65, CAC 40 up 16.24 pts or +0.21% at 7787.31 and Euro Stoxx 50 down 5.61 pts or -0.12% at 4758.84.
• Dow Jones mini down 72 pts or -0.19% at 38619, S&P 500 mini down 15.25 pts or -0.3% at 5004.25, NASDAQ mini down 78.25 pts or -0.44% at 17666.5.