Fresh Cycle Highs in Eurostoxx 50 Confirm Extension of Uptrend

Eurostoxx 50 futures traded higher again Monday delivering another fresh cycle high that confirms an extension of the current uptrend. This reinforces bullish conditions and the importance of the recent break of a key resistance at the Dec 14 high of 4634.00. The clear breach of the 4700.00 handle paves the way for a climb towards 4788.10, a Fibonacci projection. Initial firm support lies at 4641.70, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish - recent gains reinforce current conditions. The contract traded to a fresh cycle high again on Monday, confirming a resumption of the uptrend. Recent corrections have been shallow and this continues to highlight a strong uptrend. The focus is on the 5100.00 handle. On the downside, initial key short-term support has been defined at 4866.00, the Jan 31 low.

• Japan's NIKKEI closed higher by 1066.55 pts or +2.89% at 37963.97 and the TOPIX ended 54.15 pts higher or +2.12% at 2612.03.
• Across Europe, Germany's DAX trades lower by 106.89 pts or -0.63% at 16924.97, FTSE 100 lower by 9 pts or -0.12% at 7563.61, CAC 40 down 25.36 pts or -0.33% at 7664.12 and Euro Stoxx 50 down 34.85 pts or -0.73% at 4711.35.
• Dow Jones mini down 86 pts or -0.22% at 38804, S&P 500 mini down 16.75 pts or -0.33% at 5025.25, NASDAQ mini down 79.25 pts or -0.44% at 17890.75.