Eurostoxx 50 Futures Remain in Bull Cycle, Round Number Resistance at 4800 the Next Target

Eurostoxx 50 futures remain in a bull cycle. The contract has resumed its uptrend and traded to a fresh cycle high. This reinforces current conditions and the importance of the recent break of resistance at 4634.00, the Dec 14 high. Moving average studies are in a bull-mode position, highlighting positive market sentiment. Sights are on 4800.00 and 4848.00, a Fibonacci projection. Initial firm support lies at 4664.80, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish. The pullback from Monday’s 5066.50 high is considered corrective and support to watch lies at 4957.27, the 20-day EMA. A clear break of this average would suggest potential for a deeper retracement, possibly towards the 4866.00 key support, the Jan 31 low. The trigger for a resumption of gains is 5066.50, the Feb 12 high.

• Japan's NIKKEI closed lower by 16.86 pts or -0.04% at 38470.38 and the TOPIX ended 14.96 pts higher or +0.57% at 2639.69.
• Elsewhere, in China the SHANGHAI closed higher by 44.641 pts or +1.56% at 2910.544 and the HANG SENG ended 184.35 pts lower or -1.13% at 16155.61.
• Across Europe, Germany's DAX trades lower by 63.71 pts or -0.37% at 17053.41, FTSE 100 lower by 3.66 pts or -0.05% at 7708.19, CAC 40 down 38.97 pts or -0.5% at 7729.19 and Euro Stoxx 50 down 18.17 pts or -0.38% at 4747.21.
• Dow Jones mini up 29 pts or +0.07% at 38726, S&P 500 mini up 4.5 pts or +0.09% at 5024.25, NASDAQ mini up 34.25 pts or +0.19% at 17778.75.