Eurostoxx Futures Near 4175.0 Friday Lows

Eurostoxx 50 futures remain above last Friday’s low of 4175.00. Key support to watch is 4193.20, the base of a bull channel drawn from the Oct 13 low. While channel support holds, the broader uptrend remains intact and a continuation higher near-term would expose the bull trigger at 4323.00, Feb 16 high. A break of this hurdle would resume the broader uptrend. On the downside, a breach of the channel base would alter the picture. S&P E-Minis trend conditions remain bearish and the contract is trading lower today. Price remains below the 50-day EMA, at 4020.29 and sights are set on 3901.75, the Jan 19 low and 3887.62, the 76.4% retracement of the Dec 22 - Feb 2 bull cycle. Resistance to watch is at the 50-day EMA and 4038.61, the 20-day EMA. Note that a clear break of both the 50- and 20-day EMAs would signal a possible reversal.

• Japan's NIKKEI closed lower by 17.66 pts or -0.06% at 27516.53 and the TOPIX ended 3.24 pts lower or -0.16% at 1997.81.
• Elsewhere, in China the SHANGHAI closed lower by 1.694 pts or -0.05% at 3312.348 and the HANG SENG ended 190.25 pts lower or -0.92% at 20619.71.
• Across Europe, Germany's DAX trades lower by 62.87 pts or -0.41% at 15436.11, FTSE 100 lower by 20.24 pts or -0.26% at 7910.83, CAC 40 down 27.21 pts or -0.38% at 7298.15 and Euro Stoxx 50 down 13.68 pts or -0.32% at 4259.3.
• Dow Jones mini up 8 pts or +0.02% at 32763, S&P 500 mini down 23.25 pts or -0.59% at 3987.75, NASDAQ mini down 97 pts or -0.81% at 12121.25.