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European, US Futures Target Bull Trigger with Prices Above 50-Day EMA

EQUITIES

EUROSTOXX 50 futures are firmer as price extends the recovery from 3251.00, Oct 13 low. Note that price has traded above the 50-day EMA, at 3472.00 - a positive development. Attention is on resistance at 3492.00, the Oct 6 high and bull trigger and trendline resistance drawn from the Aug 17 high, which intersects at 3504.30 today. Clearance of 3492.00 and 3504.30 would highlight a strong S/T bullish development. Initial support is at 3352.00. S&P E-Minis are firmer this week. A volatile session last Thursday resulted in a strong bounce from the day low as well as the trend low of 3502.00. The subsequent recovery suggests the contract has entered a corrective phase. 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 lies at 3502.00.


  • Japan's NIKKEI closed higher by 380.35 pts or +1.42% at 27156.14 and the TOPIX ended 21.88 pts higher or +1.16% at 1901.44.
  • Elsewhere, in China the SHANGHAI closed lower by 3.984 pts or -0.13% at 3080.958 and the HANG SENG ended 284.06 pts higher or +1.71% at 16895.32.
  • Across Europe, Germany's DAX trades higher by 175.44 pts or +1.39% at 12820.25, FTSE 100 higher by 73.65 pts or +1.06% at 6993.46, CAC 40 up 66.58 pts or +1.1% at 6105.35 and Euro Stoxx 50 up 43.12 pts or +1.25% at 3483.54.
  • Dow Jones mini up 447 pts or +1.48% at 30687, S&P 500 mini up 63.5 pts or +1.72% at 3754.25, NASDAQ mini up 219.75 pts or +1.98% at 11334.
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