Eurostoxx Futures Print Fresh Cycle High at European Open

The EUROSTOXX 50 futures trend needle is pointing north. Resistance at 4206.00, the Jan 18 high, has been breached. The break confirms a resumption of the current uptrend and paves the way for gains towards 4269.50, a Fibonacci projection. Note that the trend remains overbought. A pullback, if seen, would represent a healthy correction. Key support to watch lies at 4097.00, the Jan 19 low. S&P E-Minis are consolidating. The trend condition is bullish. The contract traded higher last week and confirmed a resumption of the bull cycle that started Dec 22. A key resistance and a bull trigger at 4180.00, Dec 13 high, has been pierced. A clear break would confirm a resumption of a broader uptrend and open 4250.00, the Aug 26 2022 high. Initial firm support to watch lies at 4002.94, Jan 31 low. A pullback would be considered corrective.

• Japan's NIKKEI closed lower by 22.11 pts or -0.08% at 27584.35 and the TOPIX ended 1.03 pts higher or +0.05% at 1985.
• Elsewhere, in China the SHANGHAI closed higher by 38.277 pts or +1.18% at 3270.383 and the HANG SENG ended 340.84 pts higher or +1.6% at 21624.36.
• Across Europe, Germany's DAX trades higher by 166.18 pts or +1.08% at 15611.21, FTSE 100 higher by 44.05 pts or +0.56% at 7930.77, CAC 40 up 75.75 pts or +1.06% at 7206.35 and Euro Stoxx 50 up 43.2 pts or +1.03% at 4260.43.
• Dow Jones mini up 214 pts or +0.63% at 34213, S&P 500 mini up 27.75 pts or +0.67% at 4158.75, NASDAQ mini up 107.75 pts or +0.86% at 12656.