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Eurostoxx Futures Trade Through 3857.60 Key Short-Term Resistance

EQUITIES

EUROSTOXX 50 futures remain above the December lows. The contract has topped resistance at the 20-day EMA which intersects at 3857.60 and marks a key short-term hurdle. A clear breach of this level would suggest potential for a stronger recovery. Gains are considered corrective - for now. A resumption of weakness and a break of 3753.00, the Dec 20 low, would resume the recent downtrend. The key bull trigger is 4043.00, Dec 13 high. S&P E-Minis trend signals remain bearish and the contract is trading closer to its recent lows. Short-term gains are considered corrective with resistance at 3926.25, the 50-day EMA. A clear break of this hurdle is required to suggest potential for a stronger recovery. On the downside, a break lower would confirm a resumption of the downtrend and open 3778.45, a Fibonacci retracement.


  • In China the SHANGHAI closed higher by 27.254 pts or +0.88% at 3116.512 and the HANG SENG ended 363.88 pts higher or +1.84% at 20145.29.
  • Across Europe, Germany's DAX trades higher by 168.69 pts or +1.2% at 14237.27, FTSE 100 higher by 151.07 pts or +2.03% at 7602.58, CAC 40 up 69.33 pts or +1.05% at 6664.09 and Euro Stoxx 50 up 48.64 pts or +1.26% at 3905.11.
  • Dow Jones mini up 312 pts or +0.94% at 33602, S&P 500 mini up 39.25 pts or +1.02% at 3900.75, NASDAQ mini up 121.25 pts or +1.1% at 11143.75.
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