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E-Mini S&P Trend Conditions Remain Technically Bullish Despite Minor Correction

EQUITIES

Eurostoxx 50 futures maintain a firmer tone. The contract traded higher last week and is holding on to its latest gain. Price has pierced resistance at 4268.00, the Mar 6 high and a key hurdle for bulls. A clear break of this level would strengthen bullish conditions and open 4300.00 next. Moving average studies are in a bull-mode set-up and this highlights a broader uptrend. Initial firm support lies at 4166.50, the 20-day EMA. S&P E-minis maintains a bullish tone. Price has recently breached resistance at 4119.50, reinforcing bullish conditions. The move higher has also resulted in a break of 4148.48, 76.4% of the Feb 2 - Mar 13 downleg. This signals scope for an extension towards 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key medium-term resistance. Firm support lies at 4036.58, the 50-day EMA.


  • Japan's NIKKEI closed lower by 474.16 pts or -1.68% at 27813.26 and the TOPIX ended 38.92 pts lower or -1.92% at 1983.84.
  • Across Europe, Germany's DAX trades lower by 26.1 pts or -0.17% at 15580.83, FTSE 100 higher by 10.59 pts or +0.14% at 7646.16, CAC 40 down 6.94 pts or -0.09% at 7339.38 and Euro Stoxx 50 down 6.72 pts or -0.16% at 4309.72.
  • Dow Jones mini down 34 pts or -0.1% at 33536, S&P 500 mini down 5.25 pts or -0.13% at 4122.75, NASDAQ mini down 17.75 pts or -0.13% at 13199.5.
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