Futures Consolidate Lower Following the Fed

A bullish EUROSTOXX 50 futures theme remains intact despite the pullback from Tuesday’s high of 3679.00. Recent gains have resulted in a print above resistance at 3678.00, the Sep 13 high. A clear break of this level would strengthen bullish conditions and pave the way for gains above the 3700.00 level. The next key resistance is at 3810.00, the Aug 17 high. Firm support is seen at the 50-day EMA. S&P E-Minis traded lower Wednesday, extending the pullback from 3928.00, the Nov 1 high. Despite the latest retracement, a bull cycle remains in play following the recovery from 3502.00, the Oct 13 low. A resumption of gains would refocus attention on 3502.00, where a break would confirm the bull theme and open 3981.25, the Sep 14 high. Key short-term support has been defined at 3641.50, the Oct 21 low. Initial firm support to watch is at 3736.50.

• In China the SHANGHAI closed lower by 5.564 pts or -0.19% at 2997.806 and the HANG SENG ended 487.68 pts lower or -3.08% at 15339.49.
• Across Europe, Germany's DAX trades lower by 128.93 pts or -0.97% at 13130.9, FTSE 100 lower by 41.1 pts or -0.58% at 7103.65, CAC 40 down 61.91 pts or -0.99% at 6213.52 and Euro Stoxx 50 down 39.69 pts or -1.1% at 3582.87.
• Dow Jones mini down 22 pts or -0.07% at 32147, S&P 500 mini down 4 pts or -0.11% at 3764, NASDAQ mini down 17.5 pts or -0.16% at 10924.5.