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EQUITIES: Eurostoxx 50 Futures Holding Onto Recent Gains

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 Feb 3 initial sell-off 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.

  • Japan's NIKKEI closed higher by 14.15 pts or +0.04% at 38801.17 and the TOPIX ended 4.22 pts lower or -0.15% at 2733.01.
  • Elsewhere, in China the SHANGHAI closed higher by 18.503 pts or +0.56% at 3322.17 and the HANG SENG ended 388.44 pts higher or +1.84% at 21521.98.
  • Across Europe, Germany's DAX trades higher by 0.88 pts or +0% at 21787.71, FTSE 100 higher by 28.37 pts or +0.33% at 8728.8, CAC 40 down 0.6 pts or -0.01% at 7972.43 and Euro Stoxx 50 up 7.48 pts or +0.14% at 5332.88.
  • Dow Jones mini up 117 pts or +0.26% at 44538, S&P 500 mini up 21.5 pts or +0.36% at 6071, NASDAQ mini up 117.25 pts or +0.54% at 21708.
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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 Feb 3 initial sell-off 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.

  • Japan's NIKKEI closed higher by 14.15 pts or +0.04% at 38801.17 and the TOPIX ended 4.22 pts lower or -0.15% at 2733.01.
  • Elsewhere, in China the SHANGHAI closed higher by 18.503 pts or +0.56% at 3322.17 and the HANG SENG ended 388.44 pts higher or +1.84% at 21521.98.
  • Across Europe, Germany's DAX trades higher by 0.88 pts or +0% at 21787.71, FTSE 100 higher by 28.37 pts or +0.33% at 8728.8, CAC 40 down 0.6 pts or -0.01% at 7972.43 and Euro Stoxx 50 up 7.48 pts or +0.14% at 5332.88.
  • Dow Jones mini up 117 pts or +0.26% at 44538, S&P 500 mini up 21.5 pts or +0.36% at 6071, NASDAQ mini up 117.25 pts or +0.54% at 21708.