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Futures Conditions Remain Bullish After Trading To Cycle Highs Last Week

EQUITIES

EUROSTOXX 50 futures trend conditions remain bullish and the contract traded to a fresh cycle high last Thursday. This maintains the uptrend that started in early October and confirms an extension of the price sequence of higher highs and higher lows. The recent break of 3810.00, Aug 17 high, also strengthens the case for bulls. Initial firm support is 3840, Nov 17 low. S&P E-Minis remain in an uptrend. Gains last week resulted in a break of resistance at 4050.75, the Nov 15 high. This confirms a resumption of the uptrend and marks an extension of the price sequence of higher highs and higher lows. Sights are on 4146.63, a Fibonacci retracement. On the downside, key short-term support has been defined at 3912.50, the Nov 17 low.


  • Japan's NIKKEI closed higher by 42.5 pts or +0.15% at 27820.4 and the TOPIX ended 6.08 pts lower or -0.31% at 1947.9.
  • Elsewhere, in China the SHANGHAI closed higher by 55.67 pts or +1.76% at 3211.814 and the HANG SENG ended 842.94 pts higher or +4.51% at 19518.29.
  • Across Europe, Germany's DAX trades lower by 52.16 pts or -0.36% at 14503.25, FTSE 100 higher by 15.05 pts or +0.2% at 7568.41, CAC 40 down 11.63 pts or -0.17% at 6735.52 and Euro Stoxx 50 down 6.11 pts or -0.15% at 3976.23.
  • Dow Jones mini down 104 pts or -0.3% at 34371, S&P 500 mini down 14.25 pts or -0.35% at 4063.75, NASDAQ mini down 29.5 pts or -0.25% at 11989.
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