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EQUITIES: E-Mini S&P Trading Close to Weekly Highs, Sights on Key Resistance

EQUITIES

A bear trend in Eurostoxx 50 futures remains intact and short-term gains are considered corrective - for now. 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, 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. S&P E-Minis are trading at this week’s highs and sights are on the key resistance and bull trigger at 6053.25, the Nov 11 high. A break of this hurdle would resume the uptrend and open 6070.16, a Fibonacci projection. Moving average studies remain in a bull-mode set-up and this highlights a dominant uptrend and positive market sentiment. Initial support to watch lies at 5951.31, the 20-day EMA.

  • Japan's NIKKEI closed higher by 214.09 pts or +0.56% at 38349.06 and the TOPIX ended 21.94 pts higher or +0.82% at 2687.28.
  • Elsewhere, in China the SHANGHAI closed lower by 14.081 pts or -0.43% at 3295.698 and the HANG SENG ended 236.17 pts lower or -1.2% at 19366.96.
  • Across Europe, Germany's DAX trades higher by 162.23 pts or +0.84% at 19423.64, FTSE 100 higher by 27.09 pts or +0.33% at 8301.84, CAC 40 up 57.17 pts or +0.8% at 7200.2 and Euro Stoxx 50 up 43.84 pts or +0.93% at 4776.99.
  • Dow Jones mini up 56 pts or +0.12% at 44884, S&P 500 mini up 8.5 pts or +0.14% at 6023.5, NASDAQ mini up 44 pts or +0.21% at 20857.
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A bear trend in Eurostoxx 50 futures remains intact and short-term gains are considered corrective - for now. 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, 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. S&P E-Minis are trading at this week’s highs and sights are on the key resistance and bull trigger at 6053.25, the Nov 11 high. A break of this hurdle would resume the uptrend and open 6070.16, a Fibonacci projection. Moving average studies remain in a bull-mode set-up and this highlights a dominant uptrend and positive market sentiment. Initial support to watch lies at 5951.31, the 20-day EMA.

  • Japan's NIKKEI closed higher by 214.09 pts or +0.56% at 38349.06 and the TOPIX ended 21.94 pts higher or +0.82% at 2687.28.
  • Elsewhere, in China the SHANGHAI closed lower by 14.081 pts or -0.43% at 3295.698 and the HANG SENG ended 236.17 pts lower or -1.2% at 19366.96.
  • Across Europe, Germany's DAX trades higher by 162.23 pts or +0.84% at 19423.64, FTSE 100 higher by 27.09 pts or +0.33% at 8301.84, CAC 40 up 57.17 pts or +0.8% at 7200.2 and Euro Stoxx 50 up 43.84 pts or +0.93% at 4776.99.
  • Dow Jones mini up 56 pts or +0.12% at 44884, S&P 500 mini up 8.5 pts or +0.14% at 6023.5, NASDAQ mini up 44 pts or +0.21% at 20857.