Equity Futures Dip Lower Following Turbulent Post-Fed Price Action

The EUROSTOXX 50 futures climb on Tuesday, resulted in a print above resistance at 4021.00, Dec 1 high. Despite having since pulled back, the move reinforces bullish conditions and a clear breach of 4021.00 would confirm a resumption of the uptrend and open 4049.50, the Feb 23 high (cont). Key short-term support has been defined at 3903.00, the Dec 8 low, where a break would instead highlight a possible short-term reversal. A strong rally in the S&P E-Minis Tuesday saw price trade above 4142.50, Dec 1 high. The contract failed to hold onto the highs of the day and pulled back sharply. Despite the move lower, the outlook is bullish and Tuesday’s high maintains the bullish sequence of higher highs and higher lows. A resumption of gains would open 4194.25, the Sep 13 high. Key support is at 3945.75, the Dec 7 low. This is just below the 50-day EMA, at 3960.81.

• Japan's NIKKEI closed lower by 104.51 pts or -0.37% at 28051.7 and the TOPIX ended 3.52 pts lower or -0.18% at 1973.9.
• Elsewhere, in China the SHANGHAI closed lower by 7.877 pts or -0.25% at 3168.648 and the HANG SENG ended 304.86 pts lower or -1.55% at 19368.59.
• Across Europe, Germany's DAX trades lower by 149.89 pts or -1.04% at 14306.07, FTSE 100 lower by 48.17 pts or -0.64% at 7445.85, CAC 40 down 80.39 pts or -1.19% at 6648.91 and Euro Stoxx 50 down 47.07 pts or -1.18% at 3927.59.
• Dow Jones mini down 274 pts or -0.81% at 33726, S&P 500 mini down 42 pts or -1.05% at 3957.5, NASDAQ mini down 155.25 pts or -1.32% at 11599.5.