Friday's Gains Reinforce Broader Uptrend in E-Mini S&P

Eurostoxx 50 futures remain firm and the contract is holding on to the bulk of its recent gains. Key resistance at the Dec 14 high of 4634.00 has recently been cleared. The break confirms a resumption of the medium-term uptrend and sights are on the 4700.00 handle next. Initial firm support lies at 4578.50, the 20-day EMA. Key trend support has been defined at 4402.00, the Jan 17 low. A short-term pullback would be considered corrective. A broader uptrend in S&P E-Minis remains intact and Friday’s gains reinforce this condition. The contract has 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 higher by 196.14 pts or +0.54% at 36354.16 and the TOPIX ended 17.03 pts higher or +0.67% at 2556.71.
• Elsewhere, in China the SHANGHAI closed lower by 27.967 pts or -1.02% at 2702.185 and the HANG SENG ended 23.55 pts lower or -0.15% at 15510.01.
• Across Europe, Germany's DAX trades lower by 15.01 pts or -0.09% at 16903.24, FTSE 100 higher by 11.36 pts or +0.15% at 7626.82, CAC 40 down 12.85 pts or -0.17% at 7579.06 and Euro Stoxx 50 down 4.46 pts or -0.1% at 4649.84.
• Dow Jones mini down 128 pts or -0.33% at 38637, S&P 500 mini down 12.75 pts or -0.26% at 4967.5, NASDAQ mini down 37.25 pts or -0.21% at 17696.