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Equity Futures Holding Onto Recent Gains

EQUITIES
  • A bullish EUROSTOXX 50 futures outlook remains intact. Price is consolidating but importantly, the contract is trading 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 are consolidating but the contract remains bullish and is holding on to the bulk of its recent gains. A bull theme follows last week’s strong gains that resulted in a break of 3928.00, Nov 1 high. This strengthens a short-term bullish condition and price has established a sequence of higher highs and higher lows on the daily scale. The focus is on 4100.00 next. On the downside, key short-term support is at 3704.25, the Nov 3 low.

  • Japan's NIKKEI closed lower by 97.73 pts or -0.35% at 27930.57 and the TOPIX ended 2.99 pts higher or +0.15% at 1966.28.
  • Elsewhere, in China the SHANGHAI closed lower by 4.545 pts or -0.15% at 3115.435 and the HANG SENG ended 210.82 pts lower or -1.15% at 18045.66.
  • Across Europe, Germany's DAX trades higher by 79.17 pts or +0.56% at 14339.9, FTSE 100 lower by 25.13 pts or -0.34% at 7332.87, CAC 40 down 1.49 pts or -0.02% at 6619.39 and Euro Stoxx 50 up 10.59 pts or +0.27% at 3900.77.
  • Dow Jones mini up 55 pts or +0.16% at 33682, S&P 500 mini up 7.75 pts or +0.2% at 3981.25, NASDAQ mini up 35 pts or +0.3% at 11788.5.


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