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EQUITIES: Eurostoxx 50 Futures Holding Onto Gains, Bull Cycle Remains in Play

EQUITIES
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Eurostoxx 50 futures are holding on to their recent gains and a bull cycle remains in play. Last week’s gains marked  a resumption of the uptrend that started on Nov 21 ‘24. Moving average studies are in a bull mode set-up too, highlighting a dominant uptrend. The focus is on 5381.13 next, a Fibonacci projection. Initial firm support to watch lies at 5211.11, the 20-day EMA. The 50-day EMA is at 5094.95. The initial sell-off on Feb 3 in the S&P E-Minis contract and the breach of support at 5948.00, Jan 27 low, continues to highlight a possible S/T reversal threat. If correct, it suggests that the latest bounce is a correction. A resumption of weakness would open 5892.37, a Fibonacci retracement point. On the upside, a stronger rally would expose key resistance at 6178.75, the Dec 6 ‘24 high. Clearance of this hurdle would resume the primary uptrend.

  • In China the SHANGHAI closed lower by 4.113 pts or -0.12% at 3318.057 and the HANG SENG ended 227.12 pts lower or -1.06% at 21294.86.
  • Across Europe, Germany's DAX trades higher by 8.06 pts or +0.04% at 21944.46, FTSE 100 lower by 1.7 pts or -0.02% at 8764.82, CAC 40 down 2.76 pts or -0.03% at 8009.47 and Euro Stoxx 50 up 0.79 pts or +0.01% at 5364.12.
  • Dow Jones mini down 106 pts or -0.24% at 44482, S&P 500 mini down 20 pts or -0.33% at 6070.25, NASDAQ mini down 92 pts or -0.42% at 21758.5.
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Eurostoxx 50 futures are holding on to their recent gains and a bull cycle remains in play. Last week’s gains marked  a resumption of the uptrend that started on Nov 21 ‘24. Moving average studies are in a bull mode set-up too, highlighting a dominant uptrend. The focus is on 5381.13 next, a Fibonacci projection. Initial firm support to watch lies at 5211.11, the 20-day EMA. The 50-day EMA is at 5094.95. The initial sell-off on Feb 3 in the S&P E-Minis contract and the breach of support at 5948.00, Jan 27 low, continues to highlight a possible S/T reversal threat. If correct, it suggests that the latest bounce is a correction. A resumption of weakness would open 5892.37, a Fibonacci retracement point. On the upside, a stronger rally would expose key resistance at 6178.75, the Dec 6 ‘24 high. Clearance of this hurdle would resume the primary uptrend.

  • In China the SHANGHAI closed lower by 4.113 pts or -0.12% at 3318.057 and the HANG SENG ended 227.12 pts lower or -1.06% at 21294.86.
  • Across Europe, Germany's DAX trades higher by 8.06 pts or +0.04% at 21944.46, FTSE 100 lower by 1.7 pts or -0.02% at 8764.82, CAC 40 down 2.76 pts or -0.03% at 8009.47 and Euro Stoxx 50 up 0.79 pts or +0.01% at 5364.12.
  • Dow Jones mini down 106 pts or -0.24% at 44482, S&P 500 mini down 20 pts or -0.33% at 6070.25, NASDAQ mini down 92 pts or -0.42% at 21758.5.