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Fresh Cycle Highs in Eurostoxx 50 Futures Confirm Resumption of Uptrend

EQUITIES

Eurostoxx 50 futures remain firm and the contract traded higher Tuesday and has delivered fresh cycle highs, confirming a resumption of the current uptrend. This reinforces the bullish 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 4725.50, a Fibonacci projection. Initial firm support lies at 4598.30, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish with the contract holding on to the bulk of its recent gains. The price has recently traded to fresh cycle highs, confirming a resumption of the uptrend. Recent corrections have been shallow - this also highlights a strong uptrend. The focus is on the psychological 5000.00 handle. On the downside, initial key short-term support has been defined at 4866.00, the Jan 31 low.


  • Japan's NIKKEI closed lower by 40.74 pts or -0.11% at 36119.92 and the TOPIX ended 10.7 pts higher or +0.42% at 2549.95.
  • Elsewhere, in China the SHANGHAI closed higher by 40.21 pts or +1.44% at 2829.696 and the HANG SENG ended 54.98 pts lower or -0.34% at 16081.89.
  • Across Europe, Germany's DAX trades lower by 33.14 pts or -0.19% at 17000.47, FTSE 100 lower by 17.76 pts or -0.23% at 7663.38, CAC 40 up 1.54 pts or +0.02% at 7640.51 and Euro Stoxx 50 down 1.64 pts or -0.04% at 4689.23.
  • Dow Jones mini up 15 pts or +0.04% at 38628, S&P 500 mini down 0 pts or 0% at 4974.75, NASDAQ mini up 9.5 pts or +0.05% at 17669.25.
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