Equity Futures Hold On to Recent Gains

Eurostoxx 50 futures traded higher last week and the contract is holding on to its latest gains. The contract has pierced resistance at 4268.00, the Mar 6 high and a key resistance. A clear break of this hurdle would strengthen bullish conditions and open 4300.00 next. Moving average studies are in a bull-mode set-up and this highlights a broader uptrend. Initial firm support lies at 4146.30, the 20-day EMA. S&P E-minis ended last week on a bullish note and the contract is trading at its recent highs. Price has breached resistance at 4119.50, reinforcing the bullish conditions. The move higher exposes 4148.48, a Fibonacci retracement. Clearance of this level would signal scope for an extension towards 4205.50, the Feb 16 high ahead of 4244.00, the Feb 2 high and a key medium-term resistance. Firm support lies at 4027.87, the 50-day EMA.

• Japan's NIKKEI closed higher by 146.67 pts or +0.52% at 28188.15 and the TOPIX ended 14.18 pts higher or +0.71% at 2017.68.
• Elsewhere, in China the SHANGHAI closed higher by 23.536 pts or +0.72% at 3296.396 and the HANG SENG ended 37.34 pts lower or -0.18% at 20360.51.
• Across Europe, Germany's DAX trades higher by 0.53 pts or +0% at 15627.96, FTSE 100 higher by 46.91 pts or +0.61% at 7673.69, CAC 40 up 16.97 pts or +0.23% at 7338.49 and Euro Stoxx 50 up 0.33 pts or +0.01% at 4315.28.
• Dow Jones mini up 59 pts or +0.18% at 33524, S&P 500 mini down 8 pts or -0.19% at 4130.25, NASDAQ mini down 77.5 pts or -0.58% at 13225.5.