Eurostoxx Futures Target March Highs
A bullish EUROSTOXX 50 futures outlook remains intact following last week’s strong gains and the contract is trading at its recent highs. Price has cleared resistance at 3810.00, Aug 17 high and an important bull trigger. Moving average studies are in a bull mode set-up and this highlights the current positive market sentiment. The focus is on 3944.00, the Mar 29 high on the continuation chart. Initial firm support lies at Thursday's 3697.00 low. S&P E-Minis remains bullish and the contract is holding on to its recent gains. Price rallied sharply higher last week and cleared resistance at 3928.00, Nov 1 high. The break strengthens a short-term bullish condition and price has established a sequence of higher highs and higher lows on the daily scale. This opens 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 26.7 pts or +0.1% at 27990.17 and the TOPIX ended 7.32 pts higher or +0.37% at 1964.22.
- Elsewhere, in China the SHANGHAI closed higher by 50.677 pts or +1.64% at 3134.078 and the HANG SENG ended 723.41 pts higher or +4.11% at 18343.12.
- Across Europe, Germany's DAX trades higher by 10.27 pts or +0.07% at 14323.35, FTSE 100 lower by 0.99 pts or -0.01% at 7383.83, CAC 40 up 20.35 pts or +0.31% at 6629.52 and Euro Stoxx 50 up 12.63 pts or +0.32% at 3900.14.
- Dow Jones mini up 148 pts or +0.44% at 33707, S&P 500 mini up 23 pts or +0.58% at 3989, NASDAQ mini up 101.25 pts or +0.86% at 11835.75.