Eurostoxx 50 Futures Trading at This Week's Highs

A short-term bull cycle in Eurostoxx 50 futures remains intact and the contract is trading at this week’s highs. Moving average studies are in a bull-mode position signalling a rising cycle and the potential for a continuation higher. Note that resistance at 4256.00, the Oct 12 high, has also been cleared, reinforcing the bullish theme. The focus is on 4388.00, the Aug 30 high. Initial firm support to watch is at 4251.50, the 20-day EMA. A bullish theme in S&P e-minis remains intact and the contract is trading at this week’s highs. Recent gains have resulted in the break of a trendline drawn from the Jul 27 high. This breach reinforces bullish conditions and signals scope for a climb towards 4597.50, the Sep 1 high. Moving average studies are in a bull-mode position highlighting an uptrend. On the downside, initial firm support is seen at 4441.90, the 20-day EMA.

• In China the SHANGHAI closed higher by 18.245 pts or +0.6% at 3061.856 and the HANG SENG ended 176.24 pts higher or +0.99% at 17910.84.
• Across Europe, Germany's DAX trades higher by 19.83 pts or +0.12% at 15977.1, FTSE 100 higher by 0.07 pts or +0% at 7469.86, CAC 40 up 19.11 pts or +0.26% at 7279.29 and Euro Stoxx 50 up 5.72 pts or +0.13% at 4357.47.
• Dow Jones mini up 8 pts or +0.02% at 35327, S&P 500 mini up 4.25 pts or +0.09% at 4571.5, NASDAQ mini up 34.5 pts or +0.22% at 16083.75.