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Thursday Gains Reinforce Bullish S&P E-Minis Trend

EQUITIES

EUROSTOXX 50 futures trend conditions remain bullish and the contract traded to a fresh cycle high Thursday. This maintains the uptrend that started in early October and confirms an extension of the price sequence of higher highs and higher lows. The recent break of 3810.00, Aug 17 high, also strengthens the case for bulls. 4000.00 has been pierced, this opens 4049.50 next, Feb 23 high (cont). Initial firm support is 3840, Nov 17 low. S&P E-Minis remain in an uptrend and Thursday’s gains reinforce a bullish theme. Gains this week have resulted in a break of resistance at 4050.75, the Nov 15 high. This confirms a resumption of the uptrend and marks an extension of the price sequence of higher highs and higher lows. Sights are on 4146.63, a Fibonacci retracement. On the downside, key short-term support has been defined at 3912.50, the Nov 17 low.


  • Japan's NIKKEI closed lower by 448.18 pts or -1.59% at 27777.9 and the TOPIX ended 32.48 pts lower or -1.64% at 1953.98.
  • Elsewhere, in China the SHANGHAI closed lower by 9.327 pts or -0.29% at 3156.144 and the HANG SENG ended 61.09 pts lower or -0.33% at 18675.35.
  • Across Europe, Germany's DAX trades lower by 27.99 pts or -0.19% at 14464.87, FTSE 100 lower by 36.52 pts or -0.48% at 7523.5, CAC 40 down 31.63 pts or -0.47% at 6723.34 and Euro Stoxx 50 down 13.74 pts or -0.34% at 3971.19.
  • Dow Jones mini down 44 pts or -0.13% at 34381, S&P 500 mini down 5 pts or -0.12% at 4076, NASDAQ mini down 26.25 pts or -0.22% at 12034.25.

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