EQUITIES: Eurostoxx 50 Futures Remain Close to All-Time Highs
The trend condition in Eurostoxx 50 futures remains bullish, with prices edging to a new alltime high on the continuation contract this week. The move higher last week confirmed once again, a resumption of the uptrend that started on Nov 21 ‘24. Moving average studies are in a bull mode set-up too, highlighting a dominant uptrend. Support to watch is 5325.83, the 20-day EMA. S&P E-Minis have faded off intraday highs yesterday, but remain firm and hold the bulk of the recent phase of strength. Attention remains on resistance at 6162.25, the Jan 24 high. Clearance of this level would expose the key resistance at 6178.75, the Dec 6 ‘24 high. A move above this hurdle would resume the primary uptrend. On the downside, initial key support has been defined at 6014.00, the Feb 10 low. A break would highlight a bearish development.
- Japan's NIKKEI closed lower by 486.57 pts or -1.24% at 38678.04 and the TOPIX ended 32.65 pts lower or -1.18% at 2734.6.
- Elsewhere, in China the SHANGHAI closed lower by 0.756 pts or -0.02% at 3350.783 and the HANG SENG ended 367.26 pts lower or -1.6% at 22576.98.
- Across Europe, Germany's DAX trades higher by 129.36 pts or +0.58% at 22563.37, FTSE 100 lower by 17.52 pts or -0.2% at 8695.14, CAC 40 up 58.33 pts or +0.72% at 8169.05 and Euro Stoxx 50 up 33.3 pts or +0.61% at 5494.11.
- Dow Jones mini down 63 pts or -0.14% at 44649, S&P 500 mini down 13.5 pts or -0.22% at 6149.25, NASDAQ mini down 63.5 pts or -0.29% at 22186.75.
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COMMODITIES: Gold Pierces Key Short-Term Resistance, Strengthening Bullish Theme
The trend structure in WTI futures remains bullish and recent gains reinforce current conditions. The latest strong impulsive climb has resulted in a breach of $75.91, the Oct 8 high. Attention is on $79.48, the Apr 12 ‘24 high. A clear break of this hurdle would strengthen the bullish theme and open 80.63, a Fibonacci projection. On the downside, a reversal lower would expose the 20-day EMA, at $73.89, a key short-term support. Gold is trading higher today. The yellow metal has pierced resistance at 2726.2, the Dec 12 high and a key short-term resistance. A clear breach of this hurdle would strengthen a bullish theme and signal scope for an extension higher near-term. This would expose $2790.1, the Oct 31 all-time high. On the downside, first support to watch is $2653.4, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.
- WTI Crude down $1.34 or -1.72% at $76.48
- Natural Gas down $0.07 or -1.77% at $3.878
- Gold spot up $14.5 or +0.54% at $2724.01
- Copper down $8.5 or -1.95% at $428.25
- Silver down $0.07 or -0.22% at $30.4855
- Platinum down $8.37 or -0.88% at $938.87
EQUITIES: Bull Cycle in Eurostoxx 50 Futures Remains Intact
A bull cycle in the Eurostoxx 50 futures contract remains intact. Last week’s climb resulted in a breach of 5054.00, the Jan 8 high, to confirm a resumption of the uptrend. The contract is holding on to its gains. The focus is on a climb towards 5215.87, a Fibonacci projection point. Key short-term support has been defined at 4931.00, the Jan 13 low. A break of this level would be bearish. S&P E-Minis are trading higher, marking an extension of last week’s bull phase. The move higher undermines the recent bearish theme. The contract has traded through the 50-day EMA and attention is on resistance at 6107.50, the Dec 26 high. Clearance of 6107.50 would strengthen a bullish theme. Key support has been defined at 5809.00, the Jan 13 low. A reversal lower and a breach of this level would reinstate a bear theme.
- Japan's NIKKEI closed higher by 125.48 pts or +0.32% at 39027.98 and the TOPIX ended 2.23 pts higher or +0.08% at 2713.5.
- Elsewhere, in China the SHANGHAI closed lower by 1.755 pts or -0.05% at 3242.623 and the HANG SENG ended 180.74 pts higher or +0.91% at 20106.55.
- Across Europe, Germany's DAX trades lower by 24.6 pts or -0.12% at 20967.06, FTSE 100 higher by 11.59 pts or +0.14% at 8532.26, CAC 40 up 7.73 pts or +0.1% at 7741.23 and Euro Stoxx 50 down 2.57 pts or -0.05% at 5161.87.
- Dow Jones mini up 138 pts or +0.32% at 43835, S&P 500 mini up 21.5 pts or +0.36% at 6055, NASDAQ mini up 89.5 pts or +0.41% at 21685.
GILT SYNDICATION: 4.375% Jan-40 gilt: Spread set
- Spread set 4.25% Sep-39 gilt +4.00bp (Guidance was +4.00/+4.25bps)
- Size: GBP Benchmark (MNI expect GBP5.0-6.5bln)
- Books in excess of GBP115bln (inc JLN interest of GBP7bln)
- Expected Settlement Date: 22-January-2025 (T+1)
- ISIN: GB00BQC82D08
- Joint Leads: DB (B&D / DM) / JPM / MS / Nomura / RBC CM
- Timing: Books to close at 10:00GMT, today’s business
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