Eurostoxx Futures Continue Uptrend, Prints 4323.0 Fresh Cycle High

EUROSTOXX 50 futures are tilted higher through the Thursday open, with a late US rally persisting across Asia hours. This puts prices north of first resistance at 4303.20, the 2.382 proj of the Sep 29 - Oct 4 rise from Dec 20 low, the last week to breach 4265.00, the Feb 3 high. Note that the trend is overbought. A pullback would represent a healthy correction. Key support lies at 4097.00, the Jan 19 low. Initial support is at 4167.50, the 20-day EMA. The S&P E-Minis trend condition is bullish and the latest pullback is considered corrective. The contract has pierced initial support at 4069.52, the 20-day EMA. Firmer support lies at the 50-day EMA, at 4006.63. A clear break of this average would signal scope for a deeper pullback and potentially highlight a reversal. Key resistance and the bull trigger intersect at 4208.50, the Feb 2 high. A breach would resume the uptrend.

• Japan's NIKKEI closed higher by 194.58 pts or +0.71% at 27696.44 and the TOPIX ended 13.35 pts higher or +0.67% at 2001.09.
• Elsewhere, in China the SHANGHAI closed lower by 31.462 pts or -0.96% at 3249.03 and the HANG SENG ended 175.5 pts higher or +0.84% at 20987.67.
• Across Europe, Germany's DAX trades higher by 56.6 pts or +0.37% at 15564.32, FTSE 100 higher by 19.45 pts or +0.24% at 8017.45, CAC 40 up 47.19 pts or +0.65% at 7350.21 and Euro Stoxx 50 up 17.26 pts or +0.4% at 4298.31.
• Dow Jones mini up 25 pts or +0.07% at 34197, S&P 500 mini up 4.5 pts or +0.11% at 4162.5, NASDAQ mini up 23.75 pts or +0.19% at 12753.5.