This Week's Gains Reinforce Bullish Conditions in E-Mini S&P

Eurostoxx 50 futures traded higher again yesterday delivering another fresh cycle high that confirms a resumption of the current uptrend. This reinforces the bullish importance of the recent break of a key resistance at the Dec 14 high of 4634.00. The clear breach of the 4700.00 handle paves the way for a climb towards 4753.50, a Fibonacci projection. Initial firm support lies at 4618.30, the 20-day EMA. The trend condition in S&P E-Minis is unchanged and remains bullish - this week’s gains reinforce current conditions. The contract has traded to a fresh cycle high, confirming a resumption of the uptrend. Recent corrections have been shallow - this also highlights a strong uptrend. The focus is on 5050.14, a Fibonacci projection. On the downside, initial key short-term support has been defined at 4866.00, the Jan 31 low.

• Japan's NIKKEI closed higher by 34.14 pts or +0.09% at 36897.42 and the TOPIX ended 4.75 pts lower or -0.19% at 2557.88.
• Across Europe, Germany's DAX trades lower by 3.54 pts or -0.02% at 16961.43, FTSE 100 higher by 1.75 pts or +0.02% at 7595.82, CAC 40 down 20.89 pts or -0.27% at 7651.16 and Euro Stoxx 50 down 6.18 pts or -0.13% at 4706.4.
• Dow Jones mini down 15 pts or -0.04% at 38812, S&P 500 mini up 0.75 pts or +0.01% at 5020.75, NASDAQ mini up 26.75 pts or +0.15% at 17910.5.