Free Trial

Primary Uptrend in Eurostoxx 50 Intact

EQUITIES

The trend condition in S&P E-Minis is unchanged and remains bullish. The recent move down highlights a short-term corrective cycle and last week's sell-off reinforces this condition. The contract has breached bull channel support drawn from the Jan 17 low. The primary uptrend in Eurostoxx 50 futures remains intact and recent weakness is considered corrective. The move down is allowing an overbought condition to unwind. The break of support around the 20-day EMA suggests potential for a deeper retracement.

  • Japan's NIKKEI closed lower by 191.32 pts or -0.48% at 39581.81 and the TOPIX ended 11.9 pts lower or -0.43% at 2742.79.
  • Elsewhere, in China the SHANGHAI closed lower by 21.202 pts or -0.7% at 3027.335 and the HANG SENG ended 304.93 pts higher or +1.81% at 17132.73.
  • Across Europe, Germany's DAX trades higher by 111.38 pts or +0.62% at 18186.92, FTSE 100 higher by 45.88 pts or +0.58% at 7980.75, CAC 40 up 40 pts or +0.5% at 8088.93 and Euro Stoxx 50 up 34.86 pts or +0.7% at 5025.59.
  • Dow Jones mini up 45 pts or +0.11% at 39241, S&P 500 mini up 6 pts or +0.11% at 5266.25, NASDAQ mini up 34.75 pts or +0.19% at 18395.25.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.