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Equity Futures Consolidate Close to Recent Highs

EQUITIES
  • A bullish EUROSTOXX 50 futures outlook remains intact. Price is consolidating but importantly the contract remains at its recent highs. Resistance at 3810.00, the Aug 17 high and an important bull trigger, has been breached. Moving average studies are in a bull mode set-up and this highlights positive market sentiment. The focus is on 3944.00, Mar 29 high on the continuation chart. Initial firm support lies at 3697.00, the Nov 10 low.
  • S&P E-Minis remains bullish and the contract is holding on to the bulk of its recent gains. A bullish theme follows last week’s strong gains that resulted in a break of resistance at 3928.00, Nov 1 high. This strengthens a short-term bullish condition with focus on 4100.00 next. On the downside, key short-term support is at 3704.25, the Nov 3 low.

  • Japan's NIKKEI closed higher by 38.13 pts or +0.14% at 28028.3 and the TOPIX ended 0.93 pts lower or -0.05% at 1963.29.
  • Elsewhere, in China the SHANGHAI closed lower by 14.098 pts or -0.45% at 3119.98 and the HANG SENG ended 86.64 pts lower or -0.47% at 18256.48.
  • Across Europe, Germany's DAX trades lower by 63.56 pts or -0.44% at 14325.82, FTSE 100 higher by 8.03 pts or +0.11% at 7381.15, CAC 40 up 0.92 pts or +0.01% at 6643.59 and Euro Stoxx 50 down 4.44 pts or -0.11% at 3912.63.
  • Dow Jones mini up 65 pts or +0.19% at 33678, S&P 500 mini up 6.75 pts or +0.17% at 4007.5, NASDAQ mini up 18.5 pts or +0.16% at 11929.25.
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