Equity Futures Recover From Intraday Lows as Putin Addresses Federal Assembly

EUROSTOXX 50 futures moderated through Friday and Monday trade, finishing flat on the session. This keeps prices just below first resistance at 4303.20, the 2.382 proj of the Sep 29 - Oct 4 rise from Dec 20 low, but still above 4265.00, the Feb 3 high. 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. The contract has pierced initial support at 4069.52, the 20-day EMA. Firmer support lies at the 50-day EMA, at 4006.63. A clear break of this average would signal scope for a deeper pullback and potentially highlight a reversal. Key resistance and the bull trigger intersect at 4208.50, the Feb 2 high. A breach would resume the uptrend.

• Japan's NIKKEI closed lower by 58.84 pts or -0.21% at 27473.1 and the TOPIX ended 2.25 pts lower or -0.11% at 1997.46.
• Elsewhere, in China the SHANGHAI closed higher by 16.186 pts or +0.49% at 3306.524 and the HANG SENG ended 357.47 pts lower or -1.71% at 20529.49.
• Across Europe, Germany's DAX trades lower by 82.45 pts or -0.53% at 15384.65, FTSE 100 lower by 21.11 pts or -0.26% at 7992.98, CAC 40 down 41.2 pts or -0.56% at 7288.14 and Euro Stoxx 50 down 31.41 pts or -0.74% at 4236.55.
• Dow Jones mini down 191 pts or -0.56% at 33677, S&P 500 mini down 30.25 pts or -0.74% at 4058, NASDAQ mini down 129 pts or -1.04% at 12267.5.