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Week's E-mini S&P Rally Shifts Targets to 4119.50 Mar 6 High


Eurostoxx 50 futures traded higher Thursday. The contract has cleared resistance at 4164.00, the Mar 22 high. This cancels a recent bearish threat and confirms a resumption of the bull cycle that started Mar 20. A continuation higher would open key resistance at 4268.00, the Mar 6 high. Moving average studies are in a bull-mode set-up and this suggests the broader uptrend is intact. Initial firm support lies at 4034.00, the Mar 24 low. S&P E-Minis are trading higher. Price has breached resistance at 4073.75, Mar 22 high. The contract is also once again trading above the 50-day EMA - the average intersects at 4023.39. The break of 4073.75 strengthens bullish conditions and signals scope for a climb towards 4119.50, the Mar 6 high. Key short-term support lies at 3937.00, the Mar 24 low. A break of this support would be bearish. Initial support lies at 4012.49, the 20-day EMA.

  • Japan's NIKKEI closed higher by 258.55 pts or +0.93% at 28041.48 and the TOPIX ended 20.18 pts higher or +1.02% at 2003.5.
  • Elsewhere, in China the SHANGHAI closed higher by 11.611 pts or +0.36% at 3272.86 and the HANG SENG ended 119.95 pts higher or +0.59% at 20429.08.
  • Across Europe, Germany's DAX trades lower by 2.79 pts or -0.02% at 15519.98, FTSE 100 higher by 0.97 pts or +0.01% at 7621.44, CAC 40 up 7.76 pts or +0.11% at 7271.13 and Euro Stoxx 50 down 1.58 pts or -0.04% at 4283.84.
  • Dow Jones mini down 18 pts or -0.05% at 33024, S&P 500 mini up 1.75 pts or +0.04% at 4081.5, NASDAQ mini up 8.75 pts or +0.07% at 13090.25.

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