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E-Mini S&P Trend Condition Bullish Despite Slight Pullback This Week

EQUITIES

The bull cycle in Eurostoxx 50 futures remains firmly intact and the contract traded higher yesterday. Moving average studies remain in a bull-mode position too, highlighting positive market sentiment. Sights are on 4904.40 next, a Fibonacci projection. Further out, scope is seen for a climb towards a bull channel top at 4975.20. The channel is drawn from the Oct 27 low. Initial firm support lies at 4762.00, the 20-day EMA. The trend condition in S&P E-Minis remains bullish following last week’s gains and pullbacks are considered corrective. The move higher continues to highlight the fact that corrections remain shallow - a bullish signal. Support to watch is 5009.39, the 20-day EMA. A clear break of this EMA would signal potential for a deeper retracement towards the 4936.50 support, the Feb 13 low. A resumption of gains would open vol-band based resistance at 5142.10.


  • Japan's NIKKEI closed lower by 31.49 pts or -0.08% at 39208.03 and the TOPIX ended 3.51 pts lower or -0.13% at 2674.95.
  • Elsewhere, in China the SHANGHAI closed lower by 57.629 pts or -1.91% at 2957.852 and the HANG SENG ended 253.95 pts lower or -1.51% at 16536.85.
  • Across Europe, Germany's DAX trades higher by 17.81 pts or +0.1% at 17573.99, FTSE 100 lower by 43.64 pts or -0.57% at 7639.35, CAC 40 down 6.58 pts or -0.08% at 7941.82 and Euro Stoxx 50 down 9.11 pts or -0.19% at 4876.63.
  • Dow Jones mini down 149 pts or -0.38% at 38867, S&P 500 mini down 24.25 pts or -0.48% at 5066, NASDAQ mini down 120 pts or -0.67% at 17900.75.
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