Equity Futures Consolidate Close to Recent Highs

EUROSTOXX 50 futures remain above support at 4097.00, the Jan 19 low. The trend outlook is bullish, however, the cycle is overbought and this continues to warn of the potential for a short-term corrective pullback. A move lower would allow the overbought reading to unwind and open 4067.20, the 20-day EMA and a key near-term support. Key resistance and the bull trigger is at 4206.00, the Jan 18 high. A break would resume the uptrend.S&P E-Minis traded higher Monday and breached resistance at 4035.25, the Jan 17 high. The break cancels a recent bearish threat and resumes short-term bullish conditions. Note that moving average studies are in a bull mode condition and this reinforces current trend conditions. The focus is on 4090.75 - last seen in mid-December. Key short-term support lies at 3901.75, the Jan 19 low. A break would reinstate a bearish threat.

• Japan's NIKKEI closed higher by 95.82 pts or +0.35% at 27395.01 and the TOPIX ended 7.77 pts higher or +0.39% at 1980.69.
• Across Europe, Germany's DAX trades lower by 5.73 pts or -0.04% at 15091.11, FTSE 100 higher by 13.92 pts or +0.18% at 7771.64, CAC 40 up 3.41 pts or +0.05% at 7054.22 and Euro Stoxx 50 down 6.36 pts or -0.15% at 4147.33.
• Dow Jones mini down 70 pts or -0.21% at 33760, S&P 500 mini down 13.75 pts or -0.34% at 4019.25, NASDAQ mini down 71 pts or -0.6% at 11839.5.