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Eurostoxx Future Outlook Bearish Despite Recovery From Yesterday's Low

EQUITIES

The Eurostoxx 50 futures outlook remains bearish despite yesterday's rebound from the session low - short-term gains are considered corrective. The recent break of the 4000.00 handle signals scope for weakness towards 3865.00, the Jan 4 low and further out towards the 3800.00 handle. Initial resistance is seen at 4123.00, the 20-day EMA. Key resistance has been defined at 4268.00, the Mar 6 high. The trend condition in S&P E-Minis remains bearish despite the latest recovery - a correction. Price has recently cleared a key support at 3960.75, the Mar 2 low, to confirm a resumption of the bear cycle that started Feb 2. The move lower signals scope for an extension towards 3822.00 next, the Dec 22 low. Initial firm resistance is seen at 4025.01, the 50-day EMA. A break of this average would alter the picture.


  • In China the SHANGHAI closed higher by 20.74 pts or +0.64% at 3255.65 and the HANG SENG ended 258.05 pts higher or +1.36% at 19258.76.
  • Across Europe, Germany's DAX trades higher by 199.7 pts or +1.34% at 15131.92, FTSE 100 higher by 89.43 pts or +1.21% at 7492.9, CAC 40 up 101.77 pts or +1.45% at 7114.55 and Euro Stoxx 50 up 63.31 pts or +1.54% at 4182.7.
  • Dow Jones mini up 77 pts or +0.24% at 32532, S&P 500 mini up 11.75 pts or +0.3% at 3994.5, NASDAQ mini up 30.5 pts or +0.24% at 12717.75.
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