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Fresh Trend High in E-Mini S&P Reinforces Bullish Theme

EQUITIES

A bullish theme in Eurostoxx 50 futures remains intact and the latest pullback appears to be a correction. Recent gains confirmed, once again, a resumption of the uptrend and this has maintained the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position too, signalling a rising trend cycle. The focus is on 4636.70, a L/T Fibonacci retracement. Support to watch is 4513.70, the 20-day EMA. A bullish theme in S&P e-minis remains intact and yesterday’s fresh trend high reinforces current conditions. The move higher confirms once again a resumption of the uptrend that started Oct 27. The contract has also recently cleared resistance at 4738.50, the Jul 27 high, reinforcing current positive trend conditions. Sights are on 4854.75 next, a Fibonacci projection. On the downside, initial firm support lies at 4715.00, the 20-day EMA.


  • Japan's NIKKEI closed higher by 375.39 pts or +1.13% at 33681.24 and the TOPIX ended 26.54 pts higher or +1.13% at 2365.4.
  • Elsewhere, in China the SHANGHAI closed higher by 15.735 pts or +0.54% at 2914.614 and the HANG SENG ended 284.43 pts higher or +1.74% at 16624.84.
  • Across Europe, Germany's DAX trades higher by 4.26 pts or +0.03% at 16710.86, FTSE 100 higher by 36.04 pts or +0.47% at 7734.66, CAC 40 up 13.92 pts or +0.18% at 7583.03 and Euro Stoxx 50 up 7.25 pts or +0.16% at 4528.98.
  • Dow Jones mini down 11 pts or -0.03% at 37884, S&P 500 mini down 1.5 pts or -0.03% at 4823.75, NASDAQ mini down 3.5 pts or -0.02% at 17081.25.

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