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E-Mini S&P Trend Condition Bullish Despite Pullback From Friday's High

EQUITIES

A bullish theme in Eurostoxx 50 futures remains intact and last week’s rally and fresh cycle high reinforces this theme. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on the psychological 5000.00 handle next. Further out, scope is seen for a climb towards a bull channel top at 5028.80. The channel is drawn from the Oct 27 low. Initial firm support lies at 4853.50, the 20-day EMA. The trend condition in S&P E-Minis is bullish and last week’s fresh cycle high reinforces current conditions. Price action continues to highlight the fact that corrections are shallow - this is a bullish signal that highlights positive market sentiment. Support to watch is 5071.70 the 20-day EMA. A clear break of this average would signal potential for a deeper retracement towards 4958.24, the 50-day EMA. Sights are on 5200.00 next.


  • Japan's NIKKEI closed lower by 868.45 pts or -2.19% at 38820.49 and the TOPIX ended 59.97 pts lower or -2.2% at 2666.83.
  • Elsewhere, in China the SHANGHAI closed higher by 22.436 pts or +0.74% at 3068.455 and the HANG SENG ended 234.18 pts higher or +1.43% at 16587.57.
  • Across Europe, Germany's DAX trades lower by 106.66 pts or -0.6% at 17705.69, FTSE 100 higher by 1.6 pts or +0.02% at 7661.29, CAC 40 down 18.77 pts or -0.23% at 8009.24 and Euro Stoxx 50 down 32.45 pts or -0.65% at 4928.66.
  • Dow Jones mini down 68 pts or -0.18% at 38690, S&P 500 mini down 7.25 pts or -0.14% at 5121.75, NASDAQ mini down 34 pts or -0.19% at 18011.25.
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