Eurostoxx Futures Print Fresh Monthly High After Friday Rally

A bullish EUROSTOXX 50 futures outlook remains intact and Friday’s rally reinforces this condition. The break to a fresh short-term trend high confirms a resumption of the bull cycle that started Oct 3. The break has paved the way for gains above the 3700.00 level. The next key resistance is at 3810.00, the Aug 17 high. Firm support is seen at the 50-day EMA.S&P E-Minis traded lower last week following the reversal from 3928.00, Nov 1 high. Despite the latest retracement, a bull cycle remains in play following the recovery from 3502.00, Oct 13 low. However, an extension lower would undermine this theme. Initial firm to watch lies at 3641.50, the Oct 21 low. A break would strengthen any developing bearish threat. For bulls, a strong resumption of gains would refocus attention on 3928.00, the bull trigger.

• Japan's NIKKEI closed higher by 327.9 pts or +1.21% at 27527.64 and the TOPIX ended 18.69 pts higher or +0.98% at 1934.09.
• Elsewhere, in China the SHANGHAI closed higher by 7.021 pts or +0.23% at 3077.817 and the HANG SENG ended 434.77 pts higher or +2.69% at 16595.91.
• Across Europe, Germany's DAX trades higher by 92.7 pts or +0.69% at 13556.71, FTSE 100 higher by 3.2 pts or +0.04% at 7339.32, CAC 40 up 16.26 pts or +0.25% at 6434.32 and Euro Stoxx 50 up 24.67 pts or +0.67% at 3713.83.
• Dow Jones mini up 103 pts or +0.32% at 32534, S&P 500 mini up 12 pts or +0.32% at 3792.5, NASDAQ mini up 39.5 pts or +0.36% at 10931.5.