EQUITIES: E-Mini S&P Trades to Fresh Cycle High, Maintains Bullish Tone

Eurostoxx 50 futures have traded higher this week and the contract is holding on to its recent gains. The latest move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4862.20. The clear breach of this average strengthens a bullish theme and signals scope for a stronger recovery, opening 4961.00, the Nov 6 high. Key support lies at 4699.00, the Nov 19 low. A break of it would resume the recent bear cycle. The S&P E-Minis contract maintains a bullish tone and has again traded to a fresh cycle high, today. This confirms a resumption of the uptrend and signals scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Sights are on the 6100.00 handle next. Initial support to watch lies at 5979.30, the 20-day EMA.

• Japan's NIKKEI closed higher by 27.53 pts or +0.07% at 39276.39 and the TOPIX ended 12.98 pts lower or -0.47% at 2740.6.
• Elsewhere, in China the SHANGHAI closed lower by 14.156 pts or -0.42% at 3364.65 and the HANG SENG ended 3.86 pts lower or -0.02% at 19742.46.
• Across Europe, Germany's DAX trades higher by 169.58 pts or +0.85% at 20186.67, FTSE 100 lower by 25.84 pts or -0.31% at 8333.65, CAC 40 up 25.32 pts or +0.35% at 7280.74 and Euro Stoxx 50 up 27.62 pts or +0.57% at 4906.13.
• Dow Jones mini up 198 pts or +0.44% at 45006, S&P 500 mini up 13.75 pts or +0.23% at 6077, NASDAQ mini up 113.5 pts or +0.53% at 21394.75.