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EQUITIES: Eurostoxx 50 Futures Remain Close to Recent Highs

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact. This week’s strong rally highlights a reversal of the recent corrective pullback. Resistance at 5040.00, the Dec 9 high, has been pierced. A clear break of this hurdle would confirm a resumption of the bull cycle that started on Nov 21 last year and open 5068.13, a Fibonacci projection. On the downside, initial firm support lies at 4929.18, the 50-day EMA. A bear threat in the S&P E-Minis contract remains present. The reversal lower from the Dec 26 high, highlights the end of the Dec 20 - 26 correction. Attention is on 5866.00, Dec 20 low and a key short-term support. Clearance of this level would strengthen a bearish theme. Initial firm resistance is 6107.50, the Dec 26 high. A breach of this hurdle would highlight a bull reversal and open key resistance at 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed lower by 375.97 pts or -0.94% at 39605.09 and the TOPIX ended 34.08 pts lower or -1.23% at 2735.92.
  • Elsewhere, in China the SHANGHAI closed lower by 18.775 pts or -0.58% at 3211.393 and the HANG SENG ended 38.95 pts lower or -0.2% at 19240.89.
  • Across Europe, Germany's DAX trades lower by 55.4 pts or -0.27% at 20273.16, FTSE 100 higher by 31.85 pts or +0.39% at 8282.77, CAC 40 down 5.01 pts or -0.07% at 7444.45 and Euro Stoxx 50 down 10.24 pts or -0.2% at 4984.76.
  • Dow Jones mini up 18 pts or +0.04% at 42894, S&P 500 mini down 6.25 pts or -0.1% at 5952.75, NASDAQ mini down 59 pts or -0.28% at 21301.
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A bull cycle in the Eurostoxx 50 futures contract remains intact. This week’s strong rally highlights a reversal of the recent corrective pullback. Resistance at 5040.00, the Dec 9 high, has been pierced. A clear break of this hurdle would confirm a resumption of the bull cycle that started on Nov 21 last year and open 5068.13, a Fibonacci projection. On the downside, initial firm support lies at 4929.18, the 50-day EMA. A bear threat in the S&P E-Minis contract remains present. The reversal lower from the Dec 26 high, highlights the end of the Dec 20 - 26 correction. Attention is on 5866.00, Dec 20 low and a key short-term support. Clearance of this level would strengthen a bearish theme. Initial firm resistance is 6107.50, the Dec 26 high. A breach of this hurdle would highlight a bull reversal and open key resistance at 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed lower by 375.97 pts or -0.94% at 39605.09 and the TOPIX ended 34.08 pts lower or -1.23% at 2735.92.
  • Elsewhere, in China the SHANGHAI closed lower by 18.775 pts or -0.58% at 3211.393 and the HANG SENG ended 38.95 pts lower or -0.2% at 19240.89.
  • Across Europe, Germany's DAX trades lower by 55.4 pts or -0.27% at 20273.16, FTSE 100 higher by 31.85 pts or +0.39% at 8282.77, CAC 40 down 5.01 pts or -0.07% at 7444.45 and Euro Stoxx 50 down 10.24 pts or -0.2% at 4984.76.
  • Dow Jones mini up 18 pts or +0.04% at 42894, S&P 500 mini down 6.25 pts or -0.1% at 5952.75, NASDAQ mini down 59 pts or -0.28% at 21301.