Eurostoxx Futures Trade Higher Monday, Though Remain Below Friday Highs

Eurostoxx 50 futures traded higher Monday and price remains above Friday’s low of 4175.00. Key support to watch is 4174.50, the base of a bull channel drawn from the Oct 13 low. While channel support holds, the broader uptrend remains intact and a continuation higher near-term would expose the bull trigger at 4323.00, Feb 16 high. A break of this hurdle would resume the broader uptrend. A breach of the channel base would alter the picture. S&P E-Minis trend conditions remain bearish and short-term signals suggest scope for an extension lower near-term. The contract continues to trade below the 50-day EMA, at 4025.09 and sights are set on 3901.75, the Jan 19 low and 3887.62, the 76.4% retracement of the Dec 22 - Feb 2 bull cycle. On the upside, resistance to watch is 4054.80, the 20-day EMA. Note that a clear break of the 50- and 20-day EMAs would signal a possible reversal.

• Japan's NIKKEI closed higher by 21.6 pts or +0.08% at 27445.56 and the TOPIX ended 0.5 pts higher or +0.03% at 1993.28.
• Elsewhere, in China the SHANGHAI closed higher by 21.571 pts or +0.66% at 3279.605 and the HANG SENG ended 157.57 pts lower or -0.79% at 19785.94.
• Across Europe, Germany's DAX trades lower by 52.83 pts or -0.34% at 15313.06, FTSE 100 lower by 46.13 pts or -0.58% at 7892.97, CAC 40 down 31.57 pts or -0.43% at 7261.23 and Euro Stoxx 50 down 14.14 pts or -0.33% at 4230.33.
• Dow Jones mini down 53 pts or -0.16% at 32848, S&P 500 mini down 8.25 pts or -0.21% at 3979.5, NASDAQ mini down 33.25 pts or -0.28% at 12055.25.