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Eurostoxx Futures Trade Higher Monday, Resuming Uptrend

EQUITIES

The EUROSTOXX 50 futures traded higher Thursday and breached 4265.00, Feb 3 high. Despite the pullback from last week’s best levels, the fresh cycle high confirms a resumption of the uptrend and opens 4303.20, the 2.382 projection of the Sep 29 - Oct 4 rise from the Dec 20 low. Note that the trend is overbought. A pullback would represent a healthy correction. Key support lies at 4097.00, the Jan 19 low. Initial support is at 4167.50, the 20-day EMA. The S&P E-Minis trend condition is bullish and the latest pullback is considered corrective. The contract has pierced initial support at 4069.52, the 20-day EMA. Firmer support lies at the 50-day EMA, at 4006.63. A clear break of this average would signal scope for a deeper pullback and potentially highlight a reversal. Key resistance and the bull trigger intersect at 4208.50, the Feb 2 high. A breach would resume the uptrend.


  • Japan's NIKKEI closed lower by 243.66 pts or -0.88% at 27427.32 and the TOPIX ended 9.29 pts lower or -0.47% at 1977.67.
  • Elsewhere, in China the SHANGHAI closed higher by 23.487 pts or +0.72% at 3284.16 and the HANG SENG ended 26 pts lower or -0.12% at 21164.42.
  • Across Europe, Germany's DAX trades higher by 65.68 pts or +0.43% at 15360.48, FTSE 100 higher by 22.3 pts or +0.28% at 7903.29, CAC 40 up 48.09 pts or +0.67% at 7169.7 and Euro Stoxx 50 up 26.46 pts or +0.63% at 4219.25.
  • Dow Jones mini up 4 pts or +0.01% at 33903, S&P 500 mini up 2.5 pts or +0.06% at 4102.25, NASDAQ mini up 26 pts or +0.21% at 12367.75.
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