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Equity Futures Maintain Bullish Tone

EQUITIES

A bullish EUROSTOXX 50 futures outlook remains intact and price is trading just below its recent highs. Resistance at 3810.00, the Aug 17 high and an important bull trigger, has recently been breached, strengthening the case for bulls Furthermore, moving average studies remain in a bull mode set-up, highlighting 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.

The short-term outlook in S&P E-Minis remains bullish and a pullback would be considered corrective. A bullish theme follows recent strong gains that resulted in a break of 3928.00, the Nov 1 high. This strengthens a short-term current 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 higher by 45.02 pts or +0.16% at 27944.79 and the TOPIX ended 5.54 pts higher or +0.28% at 1972.57.
  • Elsewhere, in China the SHANGHAI closed lower by 12.199 pts or -0.39% at 3085.044 and the HANG SENG ended 336.63 pts lower or -1.87% at 17655.91.
  • Across Europe, Germany's DAX trades lower by 56.46 pts or -0.39% at 14375.92, FTSE 100 lower by 29.29 pts or -0.4% at 7352.14, CAC 40 down 15.28 pts or -0.23% at 6628.86 and Euro Stoxx 50 down 13.06 pts or -0.33% at 3912.11.
  • Dow Jones mini down 110 pts or -0.33% at 33689, S&P 500 mini down 16.75 pts or -0.42% at 3961, NASDAQ mini down 49 pts or -0.42% at 11678.
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