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E-Mini S&P Within Close Proximity of Multi-Month Highs

EQUITIES

A bullish theme in Eurostoxx 50 futures remains intact and the contract is trading at its recent highs. Resistance at 4387.00, the Nov 24 high, was breached on Nov 30, confirming a resumption of the uptrend and maintaining the price sequence of higher highs and higher lows. MA studies are in a bull-mode position too, signalling a rising cycle. The focus is on 4561.00, a Fibonacci projection. Support to watch is at 4382.20, the 20-day EMA. In S&P e-minis, a bullish theme remains intact and the contract traded higher Friday. Since the October 27 reversal, corrections have been shallow - this is a bullish signal. Note too that moving average studies are in a bull-mode position, highlighting positive market sentiment. A continuation higher would signal scope for a climb towards 4690.75, the Aug 2 high. Initial support lies at 4583.14, the 20-day EMA.


  • Japan's NIKKEI closed higher by 483.94 pts or +1.5% at 32791.8 and the TOPIX ended 34.08 pts higher or +1.47% at 2358.55.
  • Elsewhere, in China the SHANGHAI closed higher by 21.879 pts or +0.74% at 2991.438 and the HANG SENG ended 132.88 pts lower or -0.81% at 16201.49.
  • Across Europe, Germany's DAX trades higher by 8.32 pts or +0.05% at 16766.79, FTSE 100 lower by 21.85 pts or -0.29% at 7538, CAC 40 up 22.56 pts or +0.3% at 7554.18 and Euro Stoxx 50 up 6.91 pts or +0.15% at 4531.62.
  • Dow Jones mini up 13 pts or +0.04% at 36295, S&P 500 mini up 1 pts or +0.02% at 4608.5, NASDAQ mini down 11 pts or -0.07% at 16087.75.
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