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EQUITIES: Eurostoxx 50 Futures Trading Close to This Week's Highs

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact and price is trading closer to its recent highs. The contract has recently breached the 50-day EMA. The clear break of this average strengthens a bullish theme and note that 4961.00, the Nov 6 high, has also been cleared. Sights are on 5015.00 next, the Oct 29 high. Key support is 4699.00, the Nov 19 low. Initial support to watch lies at 4887.95, the 20-day EMA. The S&P E-Minis contract maintains a bullish tone and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. A resumption of the uptrend would open 6145.26, a Fibonacci projection. Initial support to watch lies at 6024.9, the 20-day EMA.

  • Japan's NIKKEI closed higher by 476.91 pts or +1.21% at 39849.14 and the TOPIX ended 23.72 pts higher or +0.86% at 2773.03.
  • Elsewhere, in China the SHANGHAI closed higher by 29.01 pts or +0.85% at 3461.5 and the HANG SENG ended 242 pts higher or +1.2% at 20397.05.
  • Across Europe, Germany's DAX trades higher by 19.38 pts or +0.1% at 20418.88, FTSE 100 higher by 18.54 pts or +0.22% at 8320.34, CAC 40 up 0.03 pts or +0% at 7422.62 and Euro Stoxx 50 up 2.54 pts or +0.05% at 4961.42.
  • Dow Jones mini down 100 pts or -0.23% at 44121, S&P 500 mini down 10.75 pts or -0.18% at 6082, NASDAQ mini down 55.75 pts or -0.26% at 21739.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and price is trading closer to its recent highs. The contract has recently breached the 50-day EMA. The clear break of this average strengthens a bullish theme and note that 4961.00, the Nov 6 high, has also been cleared. Sights are on 5015.00 next, the Oct 29 high. Key support is 4699.00, the Nov 19 low. Initial support to watch lies at 4887.95, the 20-day EMA. The S&P E-Minis contract maintains a bullish tone and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. A resumption of the uptrend would open 6145.26, a Fibonacci projection. Initial support to watch lies at 6024.9, the 20-day EMA.

  • Japan's NIKKEI closed higher by 476.91 pts or +1.21% at 39849.14 and the TOPIX ended 23.72 pts higher or +0.86% at 2773.03.
  • Elsewhere, in China the SHANGHAI closed higher by 29.01 pts or +0.85% at 3461.5 and the HANG SENG ended 242 pts higher or +1.2% at 20397.05.
  • Across Europe, Germany's DAX trades higher by 19.38 pts or +0.1% at 20418.88, FTSE 100 higher by 18.54 pts or +0.22% at 8320.34, CAC 40 up 0.03 pts or +0% at 7422.62 and Euro Stoxx 50 up 2.54 pts or +0.05% at 4961.42.
  • Dow Jones mini down 100 pts or -0.23% at 44121, S&P 500 mini down 10.75 pts or -0.18% at 6082, NASDAQ mini down 55.75 pts or -0.26% at 21739.