EQUITIES: E-Mini S&P Remains Firm, Trading Close to Dec Highs

A bull cycle in the Eurostoxx 50 futures contract remains intact and the contract is trading higher again, today. Recent gains have resulted in a breach of 5054.00, the Jan 8 high, to confirm a resumption of the uptrend. Sights are on 5268.50, a Fibonacci projection point. Key short-term support has been defined at 4931.00, the Jan 13 low. Initial firm support lies at 5071.06, the 20-day EMA. S&P E-Minis remain firm and the contract has traded higher this week. Gains undermine a recent bearish theme. The contract has traded through the 50-day EMA and note that resistance at 6107.50, the Dec 26 high, has been breached. The clear break strengthens a bullish theme and opens 6178.75, the Dec 6 high and a key resistance. Initial firm support to watch is 5961.75, the Jan 16 low.

• Japan's NIKKEI closed lower by 26.89 pts or -0.07% at 39931.98 and the TOPIX ended 0.7 pts lower or -0.03% at 2751.04.
• Elsewhere, in China the SHANGHAI closed higher by 22.462 pts or +0.7% at 3252.626 and the HANG SENG ended 365.63 pts higher or +1.86% at 20066.19.
• Across Europe, Germany's DAX trades higher by 95.4 pts or +0.45% at 21507.8, FTSE 100 lower by 25.03 pts or -0.29% at 8540.52, CAC 40 up 78.21 pts or +0.99% at 7972.11 and Euro Stoxx 50 up 40.37 pts or +0.77% at 5259.
• Dow Jones mini down 45 pts or -0.1% at 44705, S&P 500 mini down 6.5 pts or -0.11% at 6145.5, NASDAQ mini down 33.5 pts or -0.15% at 22004.5.