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Eurostoxx 50 Uptrend Remains Technically Overbought


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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