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EQUITIES: Eurostoxx 50 Futures Trading Near Cycle Highs

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact. Yesterday’s gains delivered a print above 5726.00, the Jan 24 high. The clear break of this level has confirmed a resumption of the uptrend and paved the way for 5327.90, a Fibonacci projection. The first important support to watch is 5121.39, the 20-day EMA. Clearance of the average would signal the start of a correction. The S&P E-Minis contract is firmer today and continues to trade above Monday’s low. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the recent sharp pullback appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement, towards 5943.94, a Fibonacci retracement. Key resistance is 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed higher by 58.52 pts or +0.15% at 39572.49 and the TOPIX ended 6.73 pts higher or +0.24% at 2788.66.
  • Across Europe, Germany's DAX trades higher by 66.81 pts or +0.31% at 21795.37, FTSE 100 higher by 44.35 pts or +0.51% at 8691.69, CAC 40 up 44.3 pts or +0.56% at 7985.38 and Euro Stoxx 50 up 31.98 pts or +0.61% at 5314.29.
  • Dow Jones mini up 158 pts or +0.35% at 45212, S&P 500 mini up 28 pts or +0.46% at 6127, NASDAQ mini up 166.75 pts or +0.77% at 21791.5.
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A bull cycle in the Eurostoxx 50 futures contract remains intact. Yesterday’s gains delivered a print above 5726.00, the Jan 24 high. The clear break of this level has confirmed a resumption of the uptrend and paved the way for 5327.90, a Fibonacci projection. The first important support to watch is 5121.39, the 20-day EMA. Clearance of the average would signal the start of a correction. The S&P E-Minis contract is firmer today and continues to trade above Monday’s low. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the recent sharp pullback appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement, towards 5943.94, a Fibonacci retracement. Key resistance is 6178.75, the Dec 6 high.

  • Japan's NIKKEI closed higher by 58.52 pts or +0.15% at 39572.49 and the TOPIX ended 6.73 pts higher or +0.24% at 2788.66.
  • Across Europe, Germany's DAX trades higher by 66.81 pts or +0.31% at 21795.37, FTSE 100 higher by 44.35 pts or +0.51% at 8691.69, CAC 40 up 44.3 pts or +0.56% at 7985.38 and Euro Stoxx 50 up 31.98 pts or +0.61% at 5314.29.
  • Dow Jones mini up 158 pts or +0.35% at 45212, S&P 500 mini up 28 pts or +0.46% at 6127, NASDAQ mini up 166.75 pts or +0.77% at 21791.5.