EQUITIES: 6100 Handle Provides Next Resistance for EuroStoxx 50 Futures
The medium-term trend condition in EuroStoxx 50 futures remains bullish and this week’s fresh cycle high reinforces the bull theme. The move higher paves the way for an extension towards 6100.00, and 6134.00, a Fibonacci projection point. Key support to watch lies at the 50-day EMA, at 5896.83. Clearance of this average would highlight a short-term top and signal scope for a deeper pullback. The firm reversal higher on Feb 6 in S&P E-Minis refocuses attention on the primary uptrend and the key resistance at 7043.00, the Jan 28 high. Clearance of this level would confirm a resumption of the trend and mark the end of a flat correction in the contract. Key short-term support has been defined at 6751.50, the Feb 6 low, where a break is required to highlight a top and a stronger short-term reversal.
- Japan's NIKKEI closed lower by 10.7 pts or -0.02% at 57639.84 and the TOPIX ended 26.88 pts higher or +0.7% at 3882.16.
- Elsewhere, in China the SHANGHAI closed higher by 2.035 pts or +0.05% at 4134.018 and the HANG SENG ended 233.84 pts lower or -0.86% at 27032.54.
- Across Europe, Germany's DAX trades higher by 302.67 pts or +1.22% at 25157.31, FTSE 100 higher by 28.65 pts or +0.27% at 10501.5, CAC 40 up 69.91 pts or +0.84% at 8383.15 and Euro Stoxx 50 up 42.58 pts or +0.71% at 6078.22.
- Dow Jones mini up 170 pts or +0.34% at 50374, S&P 500 mini up 20.5 pts or +0.29% at 6981, NASDAQ mini up 51 pts or +0.2% at 25338.25.
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COMMODITIES: Recent Gains for WTI Futures Appear Corrective, For Now
The trend structure in WTI futures remains bearish and recent gains still appear corrective - for now. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. However, note that resistance at the 50-day EMA, at $58.37, has been breached. This signals scope for a stronger corrective phase. Key resistance is at $61.25, the Oct 24 high. Clearance of this level would highlight a stronger reversal. The trend structure in Gold remains bullish and Monday’s strong start to this week’s session reinforces current conditions. Gold has cleared resistance at $4549.9, the Dec 26 high, to confirm a resumption of the primary uptrend. Sights are on the $4630.7 next, a Fibonacci projection. Initial firm support to watch lies at $4406.1, the 20-day EMA. A break of the average would signal the start of a corrective phase.
- WTI Crude up $1.19 or +2% at $60.72
- Natural Gas down $0.02 or -0.7% at $3.387
- Gold spot down $11.45 or -0.25% at $4587.21
- Copper up $1 or +0.17% at $604.45
- Silver up $0.37 or +0.43% at $85.5179
- Platinum down $5.8 or -0.25% at $2337.54
EQUITIES: Fresh Cycle Highs Reinforce Bullish Theme for E-Mini S&P
A bull cycle in Eurostoxx 50 futures is intact and Monday’s cycle high and strong start to the week, reinforces the bull theme. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend. The 6000.00 handle has been breached, signalling scope for 6086.99 next, a Fibonacci projection. Initial firm support to watch is 5856.52, the 20-day EMA. A pullback would be considered corrective and allow an overbought condition to unwind. The trend structure in S&P E-Minis remains bullish and Monday's fresh cycle high reinforces current conditions.The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on 7036.74, a Fibonacci projection point. On the downside, initial support to watch lies at 6941.50, the 20-day EMA. The 50-day EMA lies at 6887.59.
- Japan's NIKKEI closed higher by 1609.27 pts or +3.1% at 53549.16 and the TOPIX ended 84.78 pts higher or +2.41% at 3598.89.
- Elsewhere, in China the SHANGHAI closed lower by 26.529 pts or -0.64% at 4138.758 and the HANG SENG ended 239.99 pts higher or +0.9% at 26848.47.
- Across Europe, Germany's DAX trades lower by 31.46 pts or -0.12% at 25374.79, FTSE 100 lower by 0.2 pts or 0% at 10140.81, CAC 40 down 24.1 pts or -0.29% at 8335.89 and Euro Stoxx 50 up 6.96 pts or +0.12% at 6024.06.
- Dow Jones mini down 69 pts or -0.14% at 49738, S&P 500 mini down 9.25 pts or -0.13% at 7007, NASDAQ mini down 54.75 pts or -0.21% at 25902.25.
