Equity Futures Pull Back From Thursday Peaks

The EUROSTOXX 50 futures traded higher Thursday and breached 4265.00, Feb 3 high. Despite the pullback from yesterday’s peak, the fresh cycle high confirms a resumption of the uptrend and opens 4303.20, the 2.382 projection of the Sep 29 - Oct 4 rise from the Dec 20 low. Note that the trend is overbought. A pullback would represent a healthy correction. Key support lies at 4097.00, the Jan 19 low. Initial support is at 4167.50, the 20-day EMA. The S&P E-Minis trend condition is bullish and the latest pullback is considered corrective. Short-term support levels remain intact. Initial support lies at the 20-day EMA, at 4069.52. The more important level is at the 50-day EMA, at 4006.63. A resumption of gains would refocus attention on 4208.50, the Feb 2 high and bull trigger. A break would resume the uptrend. On the downside, a clear break of the 50-day EMA would alter the picture.

• Japan's NIKKEI closed higher by 86.63 pts or +0.31% at 27670.98 and the TOPIX ended 1.96 pts higher or +0.1% at 1986.96.
• Elsewhere, in China the SHANGHAI closed lower by 9.71 pts or -0.3% at 3260.673 and the HANG SENG ended 433.94 pts lower or -2.01% at 21190.42.
• Across Europe, Germany's DAX trades lower by 93.3 pts or -0.6% at 15441.22, FTSE 100 lower by 11.28 pts or -0.14% at 7908.94, CAC 40 down 17.62 pts or -0.25% at 7174.03 and Euro Stoxx 50 down 20.96 pts or -0.49% at 4231.88.
• Dow Jones mini down 2 pts or -0.01% at 33767, S&P 500 mini down 3.5 pts or -0.09% at 4094, NASDAQ mini down 31.75 pts or -0.26% at 12417.75.