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Trend Condition Unchanged, And Pointed Higher

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The trend condition in S&P E-Minis is unchanged and remains bullish. The recent move down highlights a short-term corrective cycle and this is allowing a recent overbought signal to unwind. The contract has breached bull channel support drawn from the Jan 17 low. A corrective cycle in Eurostoxx 50 futures remains in play and the move down is allowing an overbought trend condition to unwind. The break of support around the 20-day EMA suggests potential for a deeper retracement.

  • Japan's NIKKEI closed higher by 80.92 pts or +0.21% at 39523.55 and the TOPIX ended 12.68 pts higher or +0.46% at 2759.64.
  • Elsewhere, in China the SHANGHAI closed lower by 14.773 pts or -0.49% at 3019.473 and the HANG SENG ended 373.34 pts lower or -2.18% at 16721.69.
  • Across Europe, Germany's DAX trades higher by 207.17 pts or +1.15% at 18161.45, FTSE 100 higher by 96.24 pts or +1.21% at 8019.4, CAC 40 up 93.79 pts or +1.17% at 8117.27 and Euro Stoxx 50 up 57.17 pts or +1.15% at 5023.51.
  • Dow Jones mini up 77 pts or +0.2% at 38808, S&P 500 mini down 0 pts or 0% at 5243.75, NASDAQ mini down 19.25 pts or -0.1% at 18467.5.
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The trend condition in S&P E-Minis is unchanged and remains bullish. The recent move down highlights a short-term corrective cycle and this is allowing a recent overbought signal to unwind. The contract has breached bull channel support drawn from the Jan 17 low. A corrective cycle in Eurostoxx 50 futures remains in play and the move down is allowing an overbought trend condition to unwind. The break of support around the 20-day EMA suggests potential for a deeper retracement.

  • Japan's NIKKEI closed higher by 80.92 pts or +0.21% at 39523.55 and the TOPIX ended 12.68 pts higher or +0.46% at 2759.64.
  • Elsewhere, in China the SHANGHAI closed lower by 14.773 pts or -0.49% at 3019.473 and the HANG SENG ended 373.34 pts lower or -2.18% at 16721.69.
  • Across Europe, Germany's DAX trades higher by 207.17 pts or +1.15% at 18161.45, FTSE 100 higher by 96.24 pts or +1.21% at 8019.4, CAC 40 up 93.79 pts or +1.17% at 8117.27 and Euro Stoxx 50 up 57.17 pts or +1.15% at 5023.51.
  • Dow Jones mini up 77 pts or +0.2% at 38808, S&P 500 mini down 0 pts or 0% at 5243.75, NASDAQ mini down 19.25 pts or -0.1% at 18467.5.