Monday's Rally Reinforces Positive Sentiment in E-Mini S&P

Eurostoxx 50 futures traded sharply higher last week and the contract started this week’s session on a bullish note, with price holding on to its recent gains. Key resistance at 4634.00, the Dec 14 high, has 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 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 Monday’s rally 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 too, highlighting positive market sentiment. Sights are on 4982.62 next, a Fibonacci projection. Key support lies at 4744.97, the 50-day EMA.

• Japan's NIKKEI closed higher by 38.92 pts or +0.11% at 36065.86 and the TOPIX ended 2.55 pts lower or -0.1% at 2526.93.
• Elsewhere, in China the SHANGHAI closed lower by 52.829 pts or -1.83% at 2830.527 and the HANG SENG ended 373.79 pts lower or -2.33% at 15703.45.
• Across Europe, Germany's DAX trades higher by 7.67 pts or +0.05% at 16952.33, FTSE 100 higher by 37.59 pts or +0.49% at 7670.45, CAC 40 up 17.95 pts or +0.23% at 7658.76 and Euro Stoxx 50 up 14.49 pts or +0.31% at 4653.85.
• Dow Jones mini down 50 pts or -0.13% at 38438, S&P 500 mini down 5.25 pts or -0.11% at 4949.25, NASDAQ mini down 12.25 pts or -0.07% at 17694.75.