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

EQUITIES
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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.
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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.