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EQUITIES: Eurostoxx 50 Futures Extending Monday's Gains, Remain Above 50-Day EMA

EQUITIES
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Eurostoxx 50 futures traded higher yesterday 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 4860.94. A clear break of this average would strengthen a bullish theme and signal scope for a stronger recovery. Key support has been defined at 4699.00, the Nov 19 low. A break of this level would resume the recent bear cycle. On Friday, S&P E-Minis pierced key resistance and the bull trigger at 6053.25, the Nov 11 high. This confirms a resumption of the uptrend and the contract is holding on to its latest gains. Note that moving average studies remain in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Sights are on 6070.16, a Fibonacci projection point. Initial support to watch lies at 5970.46, the 20-day EMA.

  • Japan's NIKKEI closed higher by 735.84 pts or +1.91% at 39248.86 and the TOPIX ended 38.86 pts higher or +1.43% at 2753.58.
  • Elsewhere, in China the SHANGHAI closed higher by 14.824 pts or +0.44% at 3378.806 and the HANG SENG ended 196.03 pts higher or +1% at 19746.32.
  • Across Europe, Germany's DAX trades higher by 44.94 pts or +0.23% at 19978.61, FTSE 100 higher by 48.52 pts or +0.58% at 8361.34, CAC 40 up 35.97 pts or +0.5% at 7272.86 and Euro Stoxx 50 up 32.72 pts or +0.68% at 4879.45.
  • Dow Jones mini down 19 pts or -0.04% at 44886, S&P 500 mini up 1.5 pts or +0.02% at 6063.25, NASDAQ mini down 4 pts or -0.02% at 21214.25.
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Eurostoxx 50 futures traded higher yesterday 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 4860.94. A clear break of this average would strengthen a bullish theme and signal scope for a stronger recovery. Key support has been defined at 4699.00, the Nov 19 low. A break of this level would resume the recent bear cycle. On Friday, S&P E-Minis pierced key resistance and the bull trigger at 6053.25, the Nov 11 high. This confirms a resumption of the uptrend and the contract is holding on to its latest gains. Note that moving average studies remain in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Sights are on 6070.16, a Fibonacci projection point. Initial support to watch lies at 5970.46, the 20-day EMA.

  • Japan's NIKKEI closed higher by 735.84 pts or +1.91% at 39248.86 and the TOPIX ended 38.86 pts higher or +1.43% at 2753.58.
  • Elsewhere, in China the SHANGHAI closed higher by 14.824 pts or +0.44% at 3378.806 and the HANG SENG ended 196.03 pts higher or +1% at 19746.32.
  • Across Europe, Germany's DAX trades higher by 44.94 pts or +0.23% at 19978.61, FTSE 100 higher by 48.52 pts or +0.58% at 8361.34, CAC 40 up 35.97 pts or +0.5% at 7272.86 and Euro Stoxx 50 up 32.72 pts or +0.68% at 4879.45.
  • Dow Jones mini down 19 pts or -0.04% at 44886, S&P 500 mini up 1.5 pts or +0.02% at 6063.25, NASDAQ mini down 4 pts or -0.02% at 21214.25.