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EQUITIES: Recovery for Eurostoxx 50 Futures This Week Resumes Uptrend

EQUITIES
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Eurostoxx 50 futures have recovered from Monday’s low and the contract traded higher yesterday. The climb marks 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 5381.13 next, a Fibonacci projection. Initial firm support to watch lies at 5199.02, the 20-day EMA. The 50-day EMA is at 5085.52. Monday’s initial sell-off in the S&P E-Minis contract and a breach of support at 5948.00, the Jan 27 low, 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 lower by 279.51 pts or -0.72% at 38787.02 and the TOPIX ended 14.97 pts lower or -0.54% at 2737.23.
  • Elsewhere, in China the SHANGHAI closed higher by 33.008 pts or +1.01% at 3303.667 and the HANG SENG ended 241.92 pts higher or +1.16% at 21133.54.
  • Across Europe, Germany's DAX trades higher by 18.07 pts or +0.08% at 21932.83, FTSE 100 lower by 18.56 pts or -0.21% at 8714.96, CAC 40 down 5.47 pts or -0.07% at 8010.77 and Euro Stoxx 50 down 6.69 pts or -0.12% at 5353.7.
  • Dow Jones mini up 24 pts or +0.05% at 44855, S&P 500 mini down 0.5 pts or -0.01% at 6100.5, NASDAQ mini down 8.5 pts or -0.04% at 21842.75.
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Eurostoxx 50 futures have recovered from Monday’s low and the contract traded higher yesterday. The climb marks 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 5381.13 next, a Fibonacci projection. Initial firm support to watch lies at 5199.02, the 20-day EMA. The 50-day EMA is at 5085.52. Monday’s initial sell-off in the S&P E-Minis contract and a breach of support at 5948.00, the Jan 27 low, 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 lower by 279.51 pts or -0.72% at 38787.02 and the TOPIX ended 14.97 pts lower or -0.54% at 2737.23.
  • Elsewhere, in China the SHANGHAI closed higher by 33.008 pts or +1.01% at 3303.667 and the HANG SENG ended 241.92 pts higher or +1.16% at 21133.54.
  • Across Europe, Germany's DAX trades higher by 18.07 pts or +0.08% at 21932.83, FTSE 100 lower by 18.56 pts or -0.21% at 8714.96, CAC 40 down 5.47 pts or -0.07% at 8010.77 and Euro Stoxx 50 down 6.69 pts or -0.12% at 5353.7.
  • Dow Jones mini up 24 pts or +0.05% at 44855, S&P 500 mini down 0.5 pts or -0.01% at 6100.5, NASDAQ mini down 8.5 pts or -0.04% at 21842.75.