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Fresh Cycle High in E-Mini S&P Monday Reinforces Bullish Conditions

EQUITIES

A bullish trend condition in Eurostoxx 50 futures remains intact and the contract traded to fresh cycle highs last week. The climb confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Moving average studies remain in a bull-mode position, highlighting positive market sentiment. Sights are on 5074.7, a Fibonacci projection. Initial firm support is at 4947.20, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish. Monday’s high print reinforces current conditions, confirming a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5400.00 and 5434.54, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5240.19, the 20-day EMA. A move lower is considered corrective.


  • Japan's NIKKEI closed higher by 35.82 pts or +0.09% at 39838.91 and the TOPIX ended 6.77 pts lower or -0.25% at 2714.45.
  • Elsewhere, in China the SHANGHAI closed lower by 2.421 pts or -0.08% at 3074.958 and the HANG SENG ended 390.1 pts higher or +2.36% at 16931.52.
  • Across Europe, Germany's DAX trades higher by 14.17 pts or +0.08% at 18505.94, FTSE 100 higher by 44.01 pts or +0.55% at 7996.92, CAC 40 up 27.47 pts or +0.33% at 8233.28 and Euro Stoxx 50 up 28.54 pts or +0.56% at 5111.96.
  • Dow Jones mini down 105 pts or -0.26% at 39791, S&P 500 mini down 1.75 pts or -0.03% at 5293.75, NASDAQ mini down 0 pts or 0% at 18499.5.
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