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EQUITIES: Recent Shallow Pullback in E-Mini S&P Considered Corrective

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 traded through 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. A resumption of gains would open 5015.00 next, the Oct 29 high. Initial support to watch lies at 4895.65, the 50-day EMA. The S&P E-Minis outlook remains bullish and the latest shallow pullback is considered corrective and marks a pause in the uptrend. Recent gains confirmed a resumption of the trend. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. A continuation higher would open 6194.19, a Fibonacci projection. Initial support to watch lies at 6105.41, the 20-day EMA.

  • Japan's NIKKEI closed lower by 282.97 pts or -0.72% at 39081.71 and the TOPIX ended 8.33 pts lower or -0.31% at 2719.87.
  • Elsewhere, in China the SHANGHAI closed higher by 20.723 pts or +0.62% at 3382.208 and the HANG SENG ended 164.07 pts higher or +0.83% at 19864.55.
  • Across Europe, Germany's DAX trades higher by 20.9 pts or +0.1% at 20264.83, FTSE 100 higher by 35.5 pts or +0.43% at 8230.75, CAC 40 up 19.43 pts or +0.26% at 7385.19 and Euro Stoxx 50 up 9.65 pts or +0.2% at 4952.26.
  • Dow Jones mini up 64 pts or +0.15% at 43538, S&P 500 mini up 11 pts or +0.18% at 6064.75, NASDAQ mini up 35.75 pts or +0.16% at 22049.5.
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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 traded through 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. A resumption of gains would open 5015.00 next, the Oct 29 high. Initial support to watch lies at 4895.65, the 50-day EMA. The S&P E-Minis outlook remains bullish and the latest shallow pullback is considered corrective and marks a pause in the uptrend. Recent gains confirmed a resumption of the trend. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. A continuation higher would open 6194.19, a Fibonacci projection. Initial support to watch lies at 6105.41, the 20-day EMA.

  • Japan's NIKKEI closed lower by 282.97 pts or -0.72% at 39081.71 and the TOPIX ended 8.33 pts lower or -0.31% at 2719.87.
  • Elsewhere, in China the SHANGHAI closed higher by 20.723 pts or +0.62% at 3382.208 and the HANG SENG ended 164.07 pts higher or +0.83% at 19864.55.
  • Across Europe, Germany's DAX trades higher by 20.9 pts or +0.1% at 20264.83, FTSE 100 higher by 35.5 pts or +0.43% at 8230.75, CAC 40 up 19.43 pts or +0.26% at 7385.19 and Euro Stoxx 50 up 9.65 pts or +0.2% at 4952.26.
  • Dow Jones mini up 64 pts or +0.15% at 43538, S&P 500 mini up 11 pts or +0.18% at 6064.75, NASDAQ mini up 35.75 pts or +0.16% at 22049.5.