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Eurostoxx Futures Consolidate Close to Recent Lows

EQUITIES

EUROSTOXX 50 futures are consolidating. Trend conditions are bullish and the recent pullback is considered corrective. Recent high prints confirmed an extension of the uptrend that started in early October and this maintains the price sequence of higher highs and higher lows. The recent break of 3810.00, Aug 17 high, has also strengthened the case for bulls. The focus is on 4049.50, Feb 23 high (cont). Support to watch is 3903.30, the 20-day EMA. S&P E-Minis traded higher Monday but for now price remains closer to its recent lows. The recent move down is considered corrective. The uptrend that started on Oct 13 remains intact, however, attention is on support at the 50-day EMA, which intersects at 3953.99. A clear break of this EMA would threaten bullish conditions and suggest potential for a deeper reversal. The bull trigger, to resume recent bullish activity, is at 4142.50.


  • Japan's NIKKEI closed higher by 112.52 pts or +0.4% at 27954.85 and the TOPIX ended 8.35 pts higher or +0.43% at 1965.68.
  • Elsewhere, in China the SHANGHAI closed lower by 2.717 pts or -0.09% at 3176.325 and the HANG SENG ended 132.57 pts higher or +0.68% at 19596.2.
  • Across Europe, Germany's DAX trades higher by 20.51 pts or +0.14% at 14326.67, FTSE 100 higher by 15.2 pts or +0.2% at 7460.52, CAC 40 up 5.49 pts or +0.08% at 6655.37 and Euro Stoxx 50 up 11.5 pts or +0.29% at 3932.88.
  • Dow Jones mini up 39 pts or +0.11% at 34056, S&P 500 mini up 3.25 pts or +0.08% at 3995.25, NASDAQ mini up 9.25 pts or +0.08% at 11721.25.
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