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EQUITIES: Outlook for E-Mini S&P Unchanged and Bullish

EQUITIES
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the latest pullback is - for now - considered corrective. The contract has recently breached the 50-day EMA. The clear break of this average strengthens a bullish theme and note that 4961.00, the Nov 6 high, has also been cleared. Sights are on 5015.00 next, the Oct 29 high. Key support is 4699.00, the Nov 19 low. Initial support to watch lies at 4907.48, the 20-day EMA. The S&P E-Minis contract is unchanged. The outlook remains bullish and the latest shallow pullback is considered corrective. Recent gains confirmed a resumption of the uptrend. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. A resumption of the trend would open 6194.19, a Fibonacci projection. Initial support to watch lies at 6103.12, the 20-day EMA.

  • Japan's NIKKEI closed lower by 92.81 pts or -0.24% at 39364.68 and the TOPIX ended 10.13 pts lower or -0.37% at 2728.2.
  • Elsewhere, in China the SHANGHAI closed lower by 24.846 pts or -0.73% at 3361.485 and the HANG SENG ended 95.01 pts lower or -0.48% at 19700.48.
  • Across Europe, Germany's DAX trades lower by 6.64 pts or -0.03% at 20307.24, FTSE 100 lower by 49.55 pts or -0.6% at 8212.58, CAC 40 up 6.08 pts or +0.08% at 7364.28 and Euro Stoxx 50 up 3.94 pts or +0.08% at 4951.73.
  • Dow Jones mini down 153 pts or -0.35% at 43615, S&P 500 mini down 19 pts or -0.31% at 6061.75, NASDAQ mini down 41.75 pts or -0.19% at 22069.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the latest pullback is - for now - considered corrective. The contract has recently breached the 50-day EMA. The clear break of this average strengthens a bullish theme and note that 4961.00, the Nov 6 high, has also been cleared. Sights are on 5015.00 next, the Oct 29 high. Key support is 4699.00, the Nov 19 low. Initial support to watch lies at 4907.48, the 20-day EMA. The S&P E-Minis contract is unchanged. The outlook remains bullish and the latest shallow pullback is considered corrective. Recent gains confirmed a resumption of the uptrend. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. A resumption of the trend would open 6194.19, a Fibonacci projection. Initial support to watch lies at 6103.12, the 20-day EMA.

  • Japan's NIKKEI closed lower by 92.81 pts or -0.24% at 39364.68 and the TOPIX ended 10.13 pts lower or -0.37% at 2728.2.
  • Elsewhere, in China the SHANGHAI closed lower by 24.846 pts or -0.73% at 3361.485 and the HANG SENG ended 95.01 pts lower or -0.48% at 19700.48.
  • Across Europe, Germany's DAX trades lower by 6.64 pts or -0.03% at 20307.24, FTSE 100 lower by 49.55 pts or -0.6% at 8212.58, CAC 40 up 6.08 pts or +0.08% at 7364.28 and Euro Stoxx 50 up 3.94 pts or +0.08% at 4951.73.
  • Dow Jones mini down 153 pts or -0.35% at 43615, S&P 500 mini down 19 pts or -0.31% at 6061.75, NASDAQ mini down 41.75 pts or -0.19% at 22069.