Trend in E-Mini S&P Bullish Despite Tuesday's Slight Dip

A bullish theme in Eurostoxx 50 futures remains intact and recent weakness appears to be a correction. Moving average studies are in a bull-mode position, signalling a rising trend cycle. Furthermore, recent gains confirmed a resumption of the uptrend and this has maintained the bullish price sequence of higher highs and higher lows. The focus is on 4636.70, a L/T Fibonacci retracement. Support to watch is 4520.90, the 20-day EMA - a level pierced by the Tuesday low. A bullish theme in S&P e-minis remains intact and last week’s fresh trend highs reinforce current conditions. The move higher confirms the resumption of the uptrend that started Oct 27. The contract has also recently cleared resistance at 4738.50, the Jul 27 high, reinforcing current positive trend conditions. Sights are on 4854.75 next, a Fibonacci projection. On the downside, initial firm support lies at 4736.37, the 20-day EMA, a level untroubled by the pullback from the recent high this week.

• In China the SHANGHAI closed higher by 4.971 pts or +0.17% at 2967.247 and the HANG SENG ended 142.14 pts lower or -0.85% at 16646.41.
• Across Europe, Germany's DAX trades lower by 51.06 pts or -0.3% at 16718.76, FTSE 100 lower by 8.59 pts or -0.11% at 7713.12, CAC 40 down 56.61 pts or -0.75% at 7474.25 and Euro Stoxx 50 down 23.88 pts or -0.53% at 4488.93.
• Dow Jones mini down 47 pts or -0.12% at 37946, S&P 500 mini down 8 pts or -0.17% at 4779, NASDAQ mini down 48.25 pts or -0.29% at 16671.