Equity Futures Dip From Friday's Highs

S&P E-Minis maintains a bullish tone and Friday’s resumption of the short-term uptrend reinforces current conditions. Last week’s climb resulted in a break of the 3820.00 hurdle, Oct 5 high. Furthermore, price has traded above the 50-day EMA, at 3834.42. On the downside, key short-term support has been defined at 3641.50, the Oct 21 low. Initial firm support to watch is at 3757.50, the Oct 27 low. EUROSTOXX 50 futures maintain a firmer tone. The contract is holding on to its recent gains following the recent breach of trendline resistance drawn from the Aug 17 high and the break of the 50-day EMA. Scope is seen for an extension higher near-term and sights are on 3678.00, the Sep 13 high and a key short-term resistance. Firm support is seen at the 50-day EMA. The average intersects at 3493.20.

• Japan's NIKKEI closed higher by 482.26 pts or +1.78% at 27587.46 and the TOPIX ended 30.38 pts higher or +1.6% at 1929.43.
• Elsewhere, in China the SHANGHAI closed lower by 22.443 pts or -0.77% at 2893.483 and the HANG SENG ended 176.04 pts lower or -1.18% at 14687.02.
• Across Europe, Germany's DAX trades lower by 16.85 pts or -0.13% at 13222.65, FTSE 100 lower by 12.61 pts or -0.18% at 7035.05, CAC 40 down 25.38 pts or -0.4% at 6246.98 and Euro Stoxx 50 down 4.59 pts or -0.13% at 3607.76.
• Dow Jones mini down 149 pts or -0.45% at 32747, S&P 500 mini down 23.75 pts or -0.61% at 3887, NASDAQ mini down 93 pts or -0.8% at 11492.5.