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EQUITIES: Recent Gains for Eurstoxx 50 Futures Confirms Resumption of Uptrend

EQUITIES
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Eurostoxx 50 futures traded higher Tuesday and the contract is holding on to its gains. The move higher confirms once again, a resumption of the uptrend that started on Nov 21 ‘24. Moving average studies are in a bull mode set-up too, highlighting a dominant uptrend. The focus is on 5434.10 next, a Fibonacci projection. Initial firm support to watch lies at 5243.32, the 20-day EMA. The 50-day EMA is at 5094.95. Price action on Feb 3 in the S&P E-Minis contract continues to highlight a possible short-term reversal threat. If correct, it suggests that the latest bounce is a correction. A resumption of weakness would open 5892.37, a Fibonacci retracement point. On the upside, a stronger rally would expose key resistance at 6178.75, the Dec 6 ‘24 high. Clearance of this hurdle would resume the primary uptrend.

  • Japan's NIKKEI closed higher by 162.53 pts or +0.42% at 38963.7 and the TOPIX ended 0.32 pts higher or +0.01% at 2733.33.
  • Elsewhere, in China the SHANGHAI closed higher by 28.328 pts or +0.85% at 3346.385 and the HANG SENG ended 563.06 pts higher or +2.64% at 21857.92.
  • Across Europe, Germany's DAX trades higher by 72.71 pts or +0.33% at 22110.39, FTSE 100 higher by 5.7 pts or +0.06% at 8783.08, CAC 40 up 18.08 pts or +0.23% at 8046.98 and Euro Stoxx 50 up 12.45 pts or +0.23% at 5403.36.
  • Dow Jones mini down 78 pts or -0.17% at 44630, S&P 500 mini down 9.25 pts or -0.15% at 6083.25, NASDAQ mini down 12 pts or -0.06% at 21774.75.
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Eurostoxx 50 futures traded higher Tuesday and the contract is holding on to its gains. The move higher confirms once again, a resumption of the uptrend that started on Nov 21 ‘24. Moving average studies are in a bull mode set-up too, highlighting a dominant uptrend. The focus is on 5434.10 next, a Fibonacci projection. Initial firm support to watch lies at 5243.32, the 20-day EMA. The 50-day EMA is at 5094.95. Price action on Feb 3 in the S&P E-Minis contract continues to highlight a possible short-term reversal threat. If correct, it suggests that the latest bounce is a correction. A resumption of weakness would open 5892.37, a Fibonacci retracement point. On the upside, a stronger rally would expose key resistance at 6178.75, the Dec 6 ‘24 high. Clearance of this hurdle would resume the primary uptrend.

  • Japan's NIKKEI closed higher by 162.53 pts or +0.42% at 38963.7 and the TOPIX ended 0.32 pts higher or +0.01% at 2733.33.
  • Elsewhere, in China the SHANGHAI closed higher by 28.328 pts or +0.85% at 3346.385 and the HANG SENG ended 563.06 pts higher or +2.64% at 21857.92.
  • Across Europe, Germany's DAX trades higher by 72.71 pts or +0.33% at 22110.39, FTSE 100 higher by 5.7 pts or +0.06% at 8783.08, CAC 40 up 18.08 pts or +0.23% at 8046.98 and Euro Stoxx 50 up 12.45 pts or +0.23% at 5403.36.
  • Dow Jones mini down 78 pts or -0.17% at 44630, S&P 500 mini down 9.25 pts or -0.15% at 6083.25, NASDAQ mini down 12 pts or -0.06% at 21774.75.