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EQUITIES: Trend Condition in Eurostoxx 50 Futures Remains Bullish, For Now

EQUITIES
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The trend condition in the Eurostoxx 50 futures contract remains bullish and - for now - the latest shallow retracement appears corrective. The contract has pierced support at the 20-day EMA, at 5417.56. A clear break of this average would signal scope for a deeper retracement - note that the 50-day EMA lies at 5266.18. The EMA represents a key area of support. For bulls, a resumption of gains would open 5574.57 next, a Fibonacci projection. Recent weakness in the S&P E-Minis contract has resulted in a breach of a number of important supports; 6014.00, the Feb 10 low, and 5935.50, the Feb 3 low. The sharp move down signals scope for a deeper retracement and has exposed the next key support at 5809.00, the Jan 13 low. Clearance of this level would highlight a stronger reversal. On the upside, initial firm resistance to watch is 6038.96, the 50-day EMA.

  • Japan's NIKKEI closed higher by 629.97 pts or +1.7% at 37785.47 and the TOPIX ended 47.47 pts higher or +1.77% at 2729.56.
  • Elsewhere, in China the SHANGHAI closed lower by 3.972 pts or -0.12% at 3316.925 and the HANG SENG ended 64.95 pts higher or +0.28% at 23006.27.
  • Across Europe, Germany's DAX trades higher by 187.69 pts or +0.83% at 22736.32, FTSE 100 higher by 25.03 pts or +0.28% at 8834.53, CAC 40 up 28.59 pts or +0.35% at 8138.46 and Euro Stoxx 50 up 16.61 pts or +0.3% at 5479.27.
  • Dow Jones mini up 43 pts or +0.1% at 43929, S&P 500 mini up 12.75 pts or +0.21% at 5975.75, NASDAQ mini up 69.5 pts or +0.33% at 20987.
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The trend condition in the Eurostoxx 50 futures contract remains bullish and - for now - the latest shallow retracement appears corrective. The contract has pierced support at the 20-day EMA, at 5417.56. A clear break of this average would signal scope for a deeper retracement - note that the 50-day EMA lies at 5266.18. The EMA represents a key area of support. For bulls, a resumption of gains would open 5574.57 next, a Fibonacci projection. Recent weakness in the S&P E-Minis contract has resulted in a breach of a number of important supports; 6014.00, the Feb 10 low, and 5935.50, the Feb 3 low. The sharp move down signals scope for a deeper retracement and has exposed the next key support at 5809.00, the Jan 13 low. Clearance of this level would highlight a stronger reversal. On the upside, initial firm resistance to watch is 6038.96, the 50-day EMA.

  • Japan's NIKKEI closed higher by 629.97 pts or +1.7% at 37785.47 and the TOPIX ended 47.47 pts higher or +1.77% at 2729.56.
  • Elsewhere, in China the SHANGHAI closed lower by 3.972 pts or -0.12% at 3316.925 and the HANG SENG ended 64.95 pts higher or +0.28% at 23006.27.
  • Across Europe, Germany's DAX trades higher by 187.69 pts or +0.83% at 22736.32, FTSE 100 higher by 25.03 pts or +0.28% at 8834.53, CAC 40 up 28.59 pts or +0.35% at 8138.46 and Euro Stoxx 50 up 16.61 pts or +0.3% at 5479.27.
  • Dow Jones mini up 43 pts or +0.1% at 43929, S&P 500 mini up 12.75 pts or +0.21% at 5975.75, NASDAQ mini up 69.5 pts or +0.33% at 20987.