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E-Mini S&P Trend Points North Ahead of Key CBs and Earnings Reports

EQUITIES

The EUROSTOXX 50 futures trend needle points north. The contract has pierced resistance at 4206.00, the Jan 18 high. A clear break would confirm a resumption of the current uptrend and pave the way for gains towards 4230.50, the Feb 1 2022 high. Note that the trend remains overbought. A pullback, if seen, would represent a healthy correction. A break of 4097.00 would signal the start of a short-term bear cycle. S&P E-Minis traded higher Wednesday and in the process cleared recent highs to confirm a resumption of the current bull cycle that started Dec 22. The break exposes the key resistance and bull trigger at 4180.00, the Dec 13 high. Clearance of this level would confirm resumption of a broader uptrend and open 4250.00, the Aug 26 2022 high. Initial firm support has been defined at 4007.50, the Jan 31 low.


  • Japan's NIKKEI closed higher by 55.17 pts or +0.2% at 27402.05 and the TOPIX ended 7.06 pts lower or -0.36% at 1965.17.
  • Elsewhere, in China the SHANGHAI closed higher by 0.749 pts or +0.02% at 3285.67 and the HANG SENG ended 113.82 pts lower or -0.52% at 21958.36.
  • Across Europe, Germany's DAX trades higher by 206.81 pts or +1.36% at 15441.34, FTSE 100 higher by 25.74 pts or +0.33% at 7798.09, CAC 40 up 39.53 pts or +0.56% at 7147.51 and Euro Stoxx 50 up 42.34 pts or +1.02% at 4227.22.
  • Dow Jones mini down 42 pts or -0.12% at 34113, S&P 500 mini up 20.25 pts or +0.49% at 4152.75, NASDAQ mini up 171.25 pts or +1.38% at 12584.75.
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