Trend Condition in E-Mini S&P Bullish With Contract Close to Cycle Highs

Eurostoxx 50 futures traded higher Friday, delivering a fresh cycle high and this confirms a resumption of the current uptrend. Moving average studies remain in a bull-mode position too, highlighting positive market sentiment. Sights are on 4939.30 next, a Fibonacci projection. Further out, scope is seen for a climb towards a bull channel top at 4995.30. The channel is drawn from the Oct 27 low. Initial firm support lies at 4796.80, the 20-day EMA. The trend condition in S&P E-Minis remains bullish and the contract traded higher last week. Price action also continues to highlight the fact that corrections remain shallow - a bullish signal. Support to watch is 5036.11, the 20-day EMA. A clear break of this average would signal potential for a deeper retracement towards 4936.50, the Feb 13 low. For bulls, sights are on 5170.86, a Fibonacci projection.

• Japan's NIKKEI closed higher by 198.41 pts or +0.5% at 40109.23 and the TOPIX ended 3.14 pts lower or -0.12% at 2706.28.
• Elsewhere, in China the SHANGHAI closed higher by 12.284 pts or +0.41% at 3039.305 and the HANG SENG ended 6.53 pts higher or +0.04% at 16595.97.
• Across Europe, Germany's DAX trades higher by 20.15 pts or +0.11% at 17754.19, FTSE 100 lower by 14.93 pts or -0.19% at 7668.08, CAC 40 down 0.15 pts or 0% at 7933.07 and Euro Stoxx 50 up 12.4 pts or +0.25% at 4906.97.
• Dow Jones mini down 61 pts or -0.16% at 39082, S&P 500 mini down 4.75 pts or -0.09% at 5141.5, NASDAQ mini up 1 pts or +0.01% at 18339.75.