EQUITIES: E-Mini S&P Continues to Trade Close to Its Recent Highs

Recent gains in Eurostoxx 50 futures undermine a recent bearish theme and the contract continues to appreciate. Price has recently cleared the 20- and 50-day EMAs, signalling scope for a stronger recovery. Sights are on 5742.40 next, the 76.4% retracement of the Nov 13 - 21 bear leg. A break would open 5825.00, the Nov 13 high and a key resistance. First support lies at 5612.78, the 50-day EMA. A bullish theme in S&P E-Minis is intact and the contract is trading at its recent highs. Price also remains above the 20- and 50- day EMAs. Note that recent gains signal the likely end of the corrective cycle between Oct 30 and Nov 21. A continuation higher would highlight scope for a move towards the key resistance and bull trigger at 6953.75, the Oct 30 high. Key support lies at 6525.00, the Nov 21 low.

• Japan's NIKKEI closed higher by 1163.74 pts or +2.33% at 51028.42 and the TOPIX ended 63.89 pts higher or +1.92% at 3398.21.
• Elsewhere, in China the SHANGHAI closed lower by 2.207 pts or -0.06% at 3875.793 and the HANG SENG ended 175.17 pts higher or +0.68% at 25935.9.
• Across Europe, Germany's DAX trades higher by 165.92 pts or +0.7% at 23859.92, FTSE 100 higher by 4.75 pts or +0.05% at 9697.11, CAC 40 up 32.54 pts or +0.4% at 8119.96 and Euro Stoxx 50 up 23.92 pts or +0.42% at 5718.48.
• Dow Jones mini up 53 pts or +0.11% at 48006, S&P 500 mini up 4.75 pts or +0.07% at 6866.5, NASDAQ mini up 19.25 pts or +0.08% at 25676.