Eurostoxx Futures Record Fresh Month-High Tuesday Morning

A bullish EUROSTOXX 50 futures outlook remains intact and Friday’s rally reinforces this condition. The contract is holding on to its recent gains. The break to a fresh short-term trend high confirms a resumption of the bull cycle that started Oct 3. This paves 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 344.47 pts or +1.25% at 27872.11 and the TOPIX ended 23.47 pts higher or +1.21% at 1957.56.
• Elsewhere, in China the SHANGHAI closed lower by 13.324 pts or -0.43% at 3064.493 and the HANG SENG ended 38.6 pts lower or -0.23% at 16557.31.
• Across Europe, Germany's DAX trades higher by 38.61 pts or +0.29% at 13564.65, FTSE 100 lower by 16.87 pts or -0.23% at 7279.9, CAC 40 down 13.75 pts or -0.21% at 6403.32 and Euro Stoxx 50 up 2.57 pts or +0.07% at 3710.73.
• Dow Jones mini up 52 pts or +0.16% at 32886, S&P 500 mini up 5.75 pts or +0.15% at 3820.75, NASDAQ mini up 34 pts or +0.31% at 11050.