EQUITIES: Recent Gains for Eurstoxx 50 Futures Confirms Resumption of Uptrend
Eurostoxx 50 futures traded higher Tuesday and the contract is holding on to its gains. The move higher confirms 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. The focus is on 5434.10 next, a Fibonacci projection. Initial firm support to watch lies at 5243.32, the 20-day EMA. The 50-day EMA is at 5094.95. Price action on Feb 3 in the S&P E-Minis contract continues to highlight a possible short-term reversal threat. If correct, it suggests that the latest bounce is a correction. A resumption of weakness would open 5892.37, a Fibonacci retracement point. On the upside, a stronger rally would expose key resistance at 6178.75, the Dec 6 ‘24 high. Clearance of this hurdle would resume the primary uptrend.
- Japan's NIKKEI closed higher by 162.53 pts or +0.42% at 38963.7 and the TOPIX ended 0.32 pts higher or +0.01% at 2733.33.
- Elsewhere, in China the SHANGHAI closed higher by 28.328 pts or +0.85% at 3346.385 and the HANG SENG ended 563.06 pts higher or +2.64% at 21857.92.
- Across Europe, Germany's DAX trades higher by 72.71 pts or +0.33% at 22110.39, FTSE 100 higher by 5.7 pts or +0.06% at 8783.08, CAC 40 up 18.08 pts or +0.23% at 8046.98 and Euro Stoxx 50 up 12.45 pts or +0.23% at 5403.36.
- Dow Jones mini down 78 pts or -0.17% at 44630, S&P 500 mini down 9.25 pts or -0.15% at 6083.25, NASDAQ mini down 12 pts or -0.06% at 21774.75.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
COMMODITIES: WTI Futures Start the Week on the Front Foot, Trend Remains Bullish
The trend structure in WTI futures remains bullish and the contract is again trading higher, today. The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $72.05. This average is seen as a key short-term support. Recent gains in Gold appear corrective - for now. However, the yellow metal is holding on to last week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important short-term resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2642.1, the 50-day EMA.
- WTI Crude up $1.14 or +1.49% at $77.67
- Natural Gas up $0.19 or +4.66% at $4.179
- Gold spot down $4.93 or -0.18% at $2685.01
- Copper up $1.7 or +0.4% at $432.1
- Silver down $0.36 or -1.2% at $30.0535
- Platinum down $6.63 or -0.69% at $959.3
EQUITIES: Bear Threat in E-Mini S&P Remains Present, Next Support at $5811.65
A bull cycle in the Eurostoxx 50 futures contract remains intact and price is trading closer to its recent highs. Last week’s rally highlights a reversal of the recent corrective pullback. Resistance at 5040.00, the Dec 9 high, has been pierced. A clear break of this hurdle would confirm a resumption of the bull cycle that started on Nov 21 and open 5068.13, a Fibonacci projection. On the downside, initial firm support lies at 4935.71, the 50-day EMA. A bear threat in the S&P E-Minis contract remains present and the contract is trading lower today. The reversal from the Dec 26 high, confirms the end of the Dec 20 - 26 correction. 5866.00, the Dec 20 low and a key short-term support, has been cleared. This strengthens a bearish theme and opens 5811.65, a Fibonacci retracement. Initial firm resistance is 6107.50, the Dec 26 high. First pivot resistance is seen at 5996.50, the 50-day EMA.
- Elsewhere, in China the SHANGHAI closed lower by 7.769 pts or -0.25% at 3160.755 and the HANG SENG ended 190.15 pts lower or -1% at 18874.14.
- Across Europe, Germany's DAX trades lower by 134.25 pts or -0.66% at 20078.74, FTSE 100 lower by 25.91 pts or -0.31% at 8221.77, CAC 40 down 49.25 pts or -0.66% at 7380.48 and Euro Stoxx 50 down 44.46 pts or -0.89% at 4931.57.
- Dow Jones mini down 138 pts or -0.33% at 42024, S&P 500 mini down 51 pts or -0.87% at 5814.75, NASDAQ mini down 282.5 pts or -1.34% at 20731.75.
MACRO ANALYSIS: MNI US Employment Insight, Jan'25: Questioning Any 2025 Cuts
- We have published and e-mailed to subscribers the MNI US Employment Insight.
- Please find the full report including MNI analysis and analyst view changes here: https://media.marketnews.com/US_Employment_Report_Jan2025_5bde9f0677.pdf?
