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European, US Equity Futures Trade Softer Following Recovery

EQUITIES

EUROSTOXX 50 futures remain firmer on the week as price extends the recovery from 3251.00, Oct 13 low, although price is off the Tuesday highs. Recent gains have resulted in a break of the 50-day EMA and resistance at 3492.00, the Oct 6 high and a bull trigger. Price has also arrived at a trendline resistance drawn from the Aug 17 high. The trendline intersects at 3497.40 and a clear break of this level would strengthen bullish conditions. Initial firm support is at 3352.00, the Oct 14 low. S&P E-Minis maintains a firmer tone from the Monday open as the contract extends last week’s reversal from 3502.00, the Oct 13 low. The latest recovery suggests the contract has entered a corrective phase and if correct, this is allowing an oversold trend condition to unwind. The 20-day EMA has been breached, reinforcing a bullish theme and opening 3820.00, the Oct 5 high and a bull trigger. Key support is unchanged at 3502.00.


  • Japan's NIKKEI closed higher by 101.24 pts or +0.37% at 27257.38 and the TOPIX ended 3.62 pts higher or +0.19% at 1905.06.
  • Elsewhere, in China the SHANGHAI closed lower by 36.58 pts or -1.19% at 3044.378 and the HANG SENG ended 403.3 pts lower or -2.38% at 16562.56.
  • Across Europe, Germany's DAX trades lower by 47.09 pts or -0.37% at 12804.42, FTSE 100 lower by 41.81 pts or -0.6% at 6951.85, CAC 40 down 17.41 pts or -0.29% at 6088.63 and Euro Stoxx 50 up 1.38 pts or +0.04% at 3485.37.
  • Dow Jones mini down 99 pts or -0.32% at 30593, S&P 500 mini down 11 pts or -0.29% at 3740.75, NASDAQ mini down 22.25 pts or -0.2% at 11253.25.

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