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This Week's Fresh Cycle Highs in E-Mini S&P Reinforces Uptrend

EQUITIES

Eurostoxx 50 futures trend conditions remain firm and the contract is holding on to its recent gains. Key resistance at 4634.00, the Dec 14 high, has recently been cleared. The break confirms a resumption of the medium-term uptrend and sights are on the 4700.00 handle next. Initial firm support lies at 4549.60, the 20-day EMA. Key trend support has been defined at 4402.00, the Jan 17 low. The uptrend in S&P E-Minis remains intact and this week’s fresh cycle highs, reinforces current conditions. Resistance at 4841.50, the Dec 28 high, has recently been cleared. This confirmed an extension of the price sequence of higher highs and higher lows. Moving average studies remain in a bull-mode condition too, highlighting positive market sentiment. Sights are on 4982.62 next, a Fibonacci projection. Key support lies at 4753.05, the 50-day EMA.


  • Japan's NIKKEI closed higher by 220.85 pts or +0.61% at 36286.71 and the TOPIX ended 24.17 pts higher or +0.96% at 2551.1.
  • Elsewhere, in China the SHANGHAI closed lower by 41.979 pts or -1.48% at 2788.548 and the HANG SENG ended 218.38 pts lower or -1.39% at 15485.07.
  • Across Europe, Germany's DAX trades lower by 19.73 pts or -0.12% at 16954.34, FTSE 100 lower by 5.92 pts or -0.08% at 7659.51, CAC 40 up 9.41 pts or +0.12% at 7686.58 and Euro Stoxx 50 up 1.99 pts or +0.04% at 4664.75.
  • Dow Jones mini up 34 pts or +0.09% at 38646, S&P 500 mini down 25.5 pts or -0.52% at 4925.25, NASDAQ mini down 226.75 pts or -1.29% at 17362.
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