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Equity Futures Off Friday Lows Following European Open

EQUITIES

The E-mini S&P contract is trading below last week’s high of 4609.25 (Jul 19). Prices have tested the top of the bull channel drawn off the March 13 low - the channel top intersects at 4616.73 today. A clear channel breakout would strengthen bullish conditions. Eurostoxx 50 futures are in consolidation mode but continue to trade closer to their recent highs and price remains above the 50-day EMA at 4348.70. Attention is on key resistance and the bull trigger at 4447.00, the Jul 3 high.

  • Japan's NIKKEI closed higher by 396.69 pts or +1.23% at 32700.94 and the TOPIX ended 18.98 pts higher or +0.84% at 2281.18.
  • Elsewhere, in China the SHANGHAI closed lower by 3.584 pts or -0.11% at 3164.161 and the HANG SENG ended 407.11 pts lower or -2.13% at 18668.15.
  • Across Europe, Germany's DAX trades higher by 6.87 pts or +0.04% at 16181.44, FTSE 100 higher by 3.61 pts or +0.05% at 7668.22, CAC 40 down 16.19 pts or -0.22% at 7415.09 and Euro Stoxx 50 down 11.25 pts or -0.26% at 4379.23.
  • Dow Jones mini up 47 pts or +0.13% at 35451, S&P 500 mini up 7.25 pts or +0.16% at 4571.75, NASDAQ mini up 37.25 pts or +0.24% at 15574.25.
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