Eurostoxx Futures Continues Climb Towards 4100.00 Handle

EUROSTOXX 50 futures bullish conditions remain intact and the contract is trading at its recent highs. Futures have cleared resistance at 4043.00, the Dec 13 high and a bull trigger. The clear break represents a key short-term positive development and paves the way for gains to 4100.00 next. Moving average studies are in a bull-mode condition, reinforcing the current positive trend condition. Initial support lies at 3927.00, the 20-day EMA. S&P E-Minis traded higher Monday but failed to hold on to the session high. Key resistance at 3918.27, the 50-day EMA, has been breached. A continuation higher and a clear break of this EMA would suggest potential for a stronger recovery and highlight a possible reversal that would open 4000.00 next. On the downside, a break lower would confirm a resumption of the downtrend - the bear trigger is 3788.50, the Dec 22 low.

• Japan's NIKKEI closed higher by 270.44 pts or +1.03% at 26446 and the TOPIX ended 20.37 pts higher or +1.08% at 1901.25.
• Elsewhere, in China the SHANGHAI closed lower by 7.669 pts or -0.24% at 3161.838 and the HANG SENG ended 104.59 pts higher or +0.49% at 21436.05.
• Across Europe, Germany's DAX trades higher by 47.11 pts or +0.32% at 14814.71, FTSE 100 higher by 29.48 pts or +0.38% at 7721.71, CAC 40 up 21.44 pts or +0.31% at 6887.15 and Euro Stoxx 50 up 15.32 pts or +0.38% at 4070.77.
• Dow Jones mini up 5 pts or +0.01% at 33852, S&P 500 mini down 1.75 pts or -0.04% at 3938.5, NASDAQ mini down 19.25 pts or -0.17% at 11257.