Eurostoxx Futures Eye March Highs
A bullish EUROSTOXX 50 futures outlook remains intact and yesterday’s rally reinforces this set-up. The contract has cleared resistance at 3810.00, the Aug 17 high and an important bull trigger. Moving average studies are in a bull mode set-up and this highlights current market sentiment. The focus is on a climb towards 3944.00, the Mar 29 high on the continuation chart. First support lies at yesterday’s 3697.00 low. S&P E-Minis rallied sharply higher Thursday and in the process cleared a key resistance at 3928.00, the Nov 1 high. The break of this hurdle strengthens a short-term bullish condition and price has established a sequence of higher highs and higher lows on the daily scale. This signals scope for gains towards 4023.44 next, a Fibonacci retracement. On the downside, key short-term support has been defined at 3704.25, the Nov 3 low.
- Japan's NIKKEI closed higher by 547.14 pts or +2.98% at 28263.57 and the TOPIX ended 41.1 pts higher or +2.12% at 1977.76.
- Elsewhere, in China the SHANGHAI closed higher by 51.16 pts or +1.69% at 3087.292 and the HANG SENG ended 1244.62 pts higher or +7.74% at 17325.66.
- Across Europe, Germany's DAX trades higher by 55.91 pts or +0.4% at 14195.28, FTSE 100 higher by 25.52 pts or +0.35% at 7402.57, CAC 40 up 65.59 pts or +1% at 6622.18 and Euro Stoxx 50 up 30.53 pts or +0.79% at 3875.85.
- Dow Jones mini up 242 pts or +0.72% at 33961, S&P 500 mini up 30.75 pts or +0.78% at 3992.5, NASDAQ mini up 109 pts or +0.94% at 11744.75.