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EQUITIES: Eurostoxx 50 Futures Remain in Bull-Mode Set Up, Highlighting Uptrend

EQUITIES
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The trend condition in the Eurostoxx 50 futures contract remains bullish and the recent pullback appears to have been a correction. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Sights are on 5574.57 next, a Fibonacci projection. Initial firm support to watch is 5407.46, the 20-day EMA. A clear break of the EMA would signal scope for a deeper retracement. The latest move down in S&P E-Minis appears corrective, however, price has breached support at 6014.00, the Feb 10 low. This exposed a key support at 5935.50, the Feb 3 low, that was pierced on Tuesday. A clear break of it would allow for a deeper retracement. MA studies are in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high.

  • Japan's NIKKEI closed higher by 113.8 pts or +0.3% at 38256.17 and the TOPIX ended 19.85 pts higher or +0.73% at 2736.25.
  • Elsewhere, in China the SHANGHAI closed higher by 7.848 pts or +0.23% at 3388.062 and the HANG SENG ended 69.64 pts lower or -0.29% at 23718.29.
  • Across Europe, Germany's DAX trades lower by 202.76 pts or -0.89% at 22590.71, FTSE 100 higher by 8.95 pts or +0.1% at 8740.41, CAC 40 down 22.21 pts or -0.27% at 8121.48 and Euro Stoxx 50 down 35.96 pts or -0.65% at 5492.15.
  • Dow Jones mini up 107 pts or +0.25% at 43613, S&P 500 mini up 33.75 pts or +0.57% at 6004.5, NASDAQ mini up 134.25 pts or +0.63% at 21321.25.
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The trend condition in the Eurostoxx 50 futures contract remains bullish and the recent pullback appears to have been a correction. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Sights are on 5574.57 next, a Fibonacci projection. Initial firm support to watch is 5407.46, the 20-day EMA. A clear break of the EMA would signal scope for a deeper retracement. The latest move down in S&P E-Minis appears corrective, however, price has breached support at 6014.00, the Feb 10 low. This exposed a key support at 5935.50, the Feb 3 low, that was pierced on Tuesday. A clear break of it would allow for a deeper retracement. MA studies are in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high.

  • Japan's NIKKEI closed higher by 113.8 pts or +0.3% at 38256.17 and the TOPIX ended 19.85 pts higher or +0.73% at 2736.25.
  • Elsewhere, in China the SHANGHAI closed higher by 7.848 pts or +0.23% at 3388.062 and the HANG SENG ended 69.64 pts lower or -0.29% at 23718.29.
  • Across Europe, Germany's DAX trades lower by 202.76 pts or -0.89% at 22590.71, FTSE 100 higher by 8.95 pts or +0.1% at 8740.41, CAC 40 down 22.21 pts or -0.27% at 8121.48 and Euro Stoxx 50 down 35.96 pts or -0.65% at 5492.15.
  • Dow Jones mini up 107 pts or +0.25% at 43613, S&P 500 mini up 33.75 pts or +0.57% at 6004.5, NASDAQ mini up 134.25 pts or +0.63% at 21321.25.