Last Week's Move Higher Reinforces Uptrend in E-Mini S&P

Eurostoxx 50 futures traded sharply higher last week. This resulted in a move through key resistance at 4634.00, the Dec 14 high. The break of this hurdle confirms a resumption of the medium-term uptrend and opens 4662.90 next, a Fibonacci projection, ahead of the 4700.00 handle. Initial support lies at 4522.80, the 20-day EMA. Key trend support has been defined at 4402.00, the Jan 17 low. The uptrend in S&P E-Minis remains intact and last week’s move higher reinforces current conditions. Resistance at 4841.50, the Dec 28 high, has recently been cleared, confirming an extension of the price sequence of higher highs and higher lows. Moving average studies remain in a bull-mode condition, highlighting positive market sentiment. Sights are on 4952.45 next, a Fibonacci projection. Key support lies at 4736.35, the 50-day EMA.

• Japan's NIKKEI closed higher by 275.87 pts or +0.77% at 36026.94 and the TOPIX ended 31.83 pts higher or +1.27% at 2529.48.
• Elsewhere, in China the SHANGHAI closed lower by 26.867 pts or -0.92% at 2883.356 and the HANG SENG ended 125.01 pts higher or +0.78% at 16077.24.
• Across Europe, Germany's DAX trades lower by 87.88 pts or -0.52% at 16873.63, FTSE 100 higher by 12.44 pts or +0.16% at 7647.46, CAC 40 down 2.88 pts or -0.04% at 7631.33 and Euro Stoxx 50 down 6.87 pts or -0.15% at 4628.42.
• Dow Jones mini down 52 pts or -0.14% at 38206, S&P 500 mini down 2.75 pts or -0.06% at 4913.5, NASDAQ mini up 16 pts or +0.09% at 17543.