Eurostoxx 50 Futures Record Fresh Cycle High Monday

Eurostoxx 50 futures traded higher Monday, delivering another fresh cycle high, confirming a resumption of the current uptrend. MA studies remain in a bull-mode position and this set-up highlights positive market sentiment. Sights are on 4939.30 next, a Fibonacci projection. Further out, scope is seen for a climb towards a bull channel top at 5002.00. The channel is drawn from the Oct 27 low. Initial firm support lies at 4808.40, the 20-day EMA. The trend condition in S&P E-Minis remains bullish and the contract traded higher Monday. Price action continues to highlight the fact that corrections remain shallow - this is a bullish signal. Support to watch is 5045.84, the 20-day EMA. A clear break of this average would signal potential for a deeper retracement towards 4936.50, the Feb 13 low. For bulls, sights are on 5170.86, a Fibonacci projection.

• Japan's NIKKEI closed lower by 11.6 pts or -0.03% at 40097.63 and the TOPIX ended 13.65 pts higher or +0.5% at 2719.93.
• Elsewhere, in China the SHANGHAI closed higher by 8.488 pts or +0.28% at 3047.793 and the HANG SENG ended 433.33 pts lower or -2.61% at 16162.64.
• Across Europe, Germany's DAX trades lower by 41.45 pts or -0.23% at 17677.73, FTSE 100 lower by 15.91 pts or -0.21% at 7624.96, CAC 40 down 18.39 pts or -0.23% at 7940.45 and Euro Stoxx 50 down 12.42 pts or -0.25% at 4902.25.
• Dow Jones mini down 51 pts or -0.13% at 38969, S&P 500 mini down 15.25 pts or -0.3% at 5122, NASDAQ mini down 116.75 pts or -0.64% at 18137.25.