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Eurostoxx 50 Uptrend Remains Technically Overbought

EQUITIES

The EUROSTOXX 50 futures trend needle continues to point north. Resistance at 4206.00, the Jan 18 high, has been breached. The clear break confirms a resumption of the current uptrend and paves the way for gains towards 4269.50, a Fibonacci projection. Note that the trend remains overbought. A pullback, if seen, would represent a healthy correction. A break of 4097.00, the Jan 19 low, would signal the start of a short-term bear cycle. S&P E-Minis traded higher last week and in the process cleared recent highs to confirm a resumption of the current bull cycle that started Dec 22. A key resistance and a bull trigger at 4180.00, the Dec 13 high, has been pierced. A clear break of this level would confirm a resumption of a broader uptrend and open 4250.00, the Aug 26 2022 high. Initial firm support lies at 4007.50, the Jan 31 low. The latest pullback is considered corrective.


  • Japan's NIKKEI closed lower by 8.18 pts or -0.03% at 27685.47 and the TOPIX ended 4.18 pts higher or +0.21% at 1983.4.
  • Elsewhere, in China the SHANGHAI closed higher by 9.396 pts or +0.29% at 3248.094 and the HANG SENG ended 76.54 pts higher or +0.36% at 21298.7.
  • Across Europe, Germany's DAX trades lower by 5.1 pts or -0.03% at 15340.56, FTSE 100 higher by 31.9 pts or +0.41% at 7868.73, CAC 40 up 2.21 pts or +0.03% at 7139.31 and Euro Stoxx 50 up 6.94 pts or +0.17% at 4212.39.
  • Dow Jones mini up 14 pts or +0.04% at 33948, S&P 500 mini up 7.5 pts or +0.18% at 4131, NASDAQ mini up 45.25 pts or +0.36% at 12560.5.

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