EQUITIES: Eurostoxx 50 Futures Extends This Week's Rally, Above November Highs

Eurostoxx 50 futures have traded higher this week and the contract is holding on to its latest gains. The move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4868.67. The clear breach of this average strengthens a bullish theme and note that 4961.00, the Nov 6 high, has been pierced. This opens 5015.00, the Oct 29 high. Key support is 4699.00, the Nov 19 low. Initial support lies at 4844.40, the 20-day EMA. The S&P E-Minis contract maintains a bullish tone and price traded higher yesterday. 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 6145.26, a Fibonacci projection. Initial support to watch lies at 5990.65, the 20-day EMA.

• Japan's NIKKEI closed lower by 304.43 pts or -0.77% at 39091.17 and the TOPIX ended 15.02 pts lower or -0.55% at 2727.22.
• Elsewhere, in China the SHANGHAI closed higher by 35.221 pts or +1.05% at 3404.076 and the HANG SENG ended 305.41 pts higher or +1.56% at 19865.85.
• Across Europe, Germany's DAX trades higher by 46.91 pts or +0.23% at 20405.73, FTSE 100 lower by 5 pts or -0.06% at 8344.57, CAC 40 up 81.83 pts or +1.12% at 7413.27 and Euro Stoxx 50 up 21.31 pts or +0.43% at 4973.52.
• Dow Jones mini down 10 pts or -0.02% at 44857, S&P 500 mini down 2.5 pts or -0.04% at 6086.25, NASDAQ mini up 4 pts or +0.02% at 21477.