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EQUITIES: E-Mini S&P Remains Close to Key Resistance and Bull Trigger

EQUITIES
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Eurostoxx 50 futures are in consolidation mode. A bear trend remains intact and a fresh cycle low on Nov 19 marked a resumption of the downtrend that started Sep 30. Price has traded through 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12 next, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. First resistance is at 4861.43, the 50-day EMA. On Friday, S&P E-Minis pierced key resistance and the bull trigger at 6053.25, the Nov 11 high. This confirms a fresh cycle high and marks a resumption of the uptrend. Note that moving average studies remain in a bull-mode set-up and this set-up highlights a dominant uptrend and positive market sentiment. Sights are on 6070.16, a Fibonacci projection. Initial support to watch lies at 5960.85, the 20-day EMA.

  • Japan's NIKKEI closed higher by 304.99 pts or +0.8% at 38513.02 and the TOPIX ended 34.01 pts higher or +1.27% at 2714.72.
  • Elsewhere, in China the SHANGHAI closed higher by 37.526 pts or +1.13% at 3363.982 and the HANG SENG ended 126.68 pts higher or +0.65% at 19550.29.
  • Across Europe, Germany's DAX trades lower by 22.44 pts or -0.11% at 19604.45, FTSE 100 lower by 1.9 pts or -0.02% at 8285.28, CAC 40 down 68.62 pts or -0.95% at 7167.05 and Euro Stoxx 50 down 25.3 pts or -0.53% at 4779.14.
  • Dow Jones mini down 71 pts or -0.16% at 44984, S&P 500 mini down 11.5 pts or -0.19% at 6040, NASDAQ mini down 34.5 pts or -0.16% at 20958.75.
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Eurostoxx 50 futures are in consolidation mode. A bear trend remains intact and a fresh cycle low on Nov 19 marked a resumption of the downtrend that started Sep 30. Price has traded through 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12 next, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. First resistance is at 4861.43, the 50-day EMA. On Friday, S&P E-Minis pierced key resistance and the bull trigger at 6053.25, the Nov 11 high. This confirms a fresh cycle high and marks a resumption of the uptrend. Note that moving average studies remain in a bull-mode set-up and this set-up highlights a dominant uptrend and positive market sentiment. Sights are on 6070.16, a Fibonacci projection. Initial support to watch lies at 5960.85, the 20-day EMA.

  • Japan's NIKKEI closed higher by 304.99 pts or +0.8% at 38513.02 and the TOPIX ended 34.01 pts higher or +1.27% at 2714.72.
  • Elsewhere, in China the SHANGHAI closed higher by 37.526 pts or +1.13% at 3363.982 and the HANG SENG ended 126.68 pts higher or +0.65% at 19550.29.
  • Across Europe, Germany's DAX trades lower by 22.44 pts or -0.11% at 19604.45, FTSE 100 lower by 1.9 pts or -0.02% at 8285.28, CAC 40 down 68.62 pts or -0.95% at 7167.05 and Euro Stoxx 50 down 25.3 pts or -0.53% at 4779.14.
  • Dow Jones mini down 71 pts or -0.16% at 44984, S&P 500 mini down 11.5 pts or -0.19% at 6040, NASDAQ mini down 34.5 pts or -0.16% at 20958.75.