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Eurostoxx 50 Futures Reach Fresh Cycle High

EQUITIES

A bullish trend condition in Eurostoxx 50 futures remains intact and the contract traded to a fresh cycle high Tuesday. The climb once again confirms a resumption of the uptrend as the contract pulls away from the 5000.00 handle. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 5074.7, a Fibonacci projection. Initial firm support is at 4926.10, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish. Last week’s extension reinforces this theme and the break of 5257.25, Mar 8 high, confirmed a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5407.23, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5218.00, the 20-day EMA. A move lower is considered corrective.


  • Japan's NIKKEI closed higher by 364.7 pts or +0.9% at 40762.73 and the TOPIX ended 18.48 pts higher or +0.66% at 2799.28.
  • Elsewhere, in China the SHANGHAI closed lower by 38.342 pts or -1.26% at 2993.139 and the HANG SENG ended 225.48 pts lower or -1.36% at 16392.84.
  • Across Europe, Germany's DAX trades higher by 34.13 pts or +0.19% at 18418.64, FTSE 100 lower by 9.62 pts or -0.12% at 7921.32, CAC 40 up 1.3 pts or +0.02% at 8186.05 and Euro Stoxx 50 up 7.92 pts or +0.16% at 5072.1.
  • Dow Jones mini up 124 pts or +0.31% at 39803, S&P 500 mini up 17 pts or +0.32% at 5282.25, NASDAQ mini up 60.25 pts or +0.33% at 18509.25.
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