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EQUITIES: Short-Term Pullbacks in E-Mini S&P Considered Corrective

EQUITIES
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Eurostoxx 50 futures maintain a firmer tone following recent gains. The move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4878.04. The clear breach of this average strengthens a bullish theme and note that 4961.00, the Nov 6 high, has also been cleared. This opens 5015.00, the Oct 29 high. Key support is 4699.00, the Nov 19 low. Initial support lies at 4870.94, the 20-day EMA. The S&P E-Minis contract maintains a bullish tone and short-term pullbacks are considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Sights are on 6145.26, a Fibonacci projection. Initial support to watch lies at 6014.79, the 20-day EMA.

  • Japan's NIKKEI closed higher by 207.08 pts or +0.53% at 39367.58 and the TOPIX ended 6.85 pts higher or +0.25% at 2741.41.
  • Elsewhere, in China the SHANGHAI closed higher by 20.127 pts or +0.59% at 3422.661 and the HANG SENG ended 102.81 pts lower or -0.5% at 20311.28.
  • Across Europe, Germany's DAX trades lower by 20.27 pts or -0.1% at 20325.88, FTSE 100 lower by 48.16 pts or -0.58% at 8303.99, CAC 40 down 44.3 pts or -0.59% at 7435.84 and Euro Stoxx 50 down 18.9 pts or -0.38% at 4966.56.
  • Dow Jones mini down 48 pts or -0.11% at 44432, S&P 500 mini down 8 pts or -0.13% at 6058, NASDAQ mini down 29.25 pts or -0.14% at 21455.75.
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Eurostoxx 50 futures maintain a firmer tone following recent gains. The move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4878.04. The clear breach of this average strengthens a bullish theme and note that 4961.00, the Nov 6 high, has also been cleared. This opens 5015.00, the Oct 29 high. Key support is 4699.00, the Nov 19 low. Initial support lies at 4870.94, the 20-day EMA. The S&P E-Minis contract maintains a bullish tone and short-term pullbacks are considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Sights are on 6145.26, a Fibonacci projection. Initial support to watch lies at 6014.79, the 20-day EMA.

  • Japan's NIKKEI closed higher by 207.08 pts or +0.53% at 39367.58 and the TOPIX ended 6.85 pts higher or +0.25% at 2741.41.
  • Elsewhere, in China the SHANGHAI closed higher by 20.127 pts or +0.59% at 3422.661 and the HANG SENG ended 102.81 pts lower or -0.5% at 20311.28.
  • Across Europe, Germany's DAX trades lower by 20.27 pts or -0.1% at 20325.88, FTSE 100 lower by 48.16 pts or -0.58% at 8303.99, CAC 40 down 44.3 pts or -0.59% at 7435.84 and Euro Stoxx 50 down 18.9 pts or -0.38% at 4966.56.
  • Dow Jones mini down 48 pts or -0.11% at 44432, S&P 500 mini down 8 pts or -0.13% at 6058, NASDAQ mini down 29.25 pts or -0.14% at 21455.75.