Recent Pullback in Equity Futures Looks Corrective

EUROSTOXX 50 futures trend conditions remain bullish and S/T pullbacks are considered corrective - for now. Recent high prints mark an extension of the uptrend that started in early October and confirms a continuation 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. The focus is on 4049.50, Feb 23 high (cont). Initial firm to watch support is 3840, Nov 17 low. S&P E-Minis remain in an uptrend and short-term pull backs are considered corrective - for now. 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 65.47 pts or +0.24% at 27885.87 and the TOPIX ended 2.32 pts higher or +0.12% at 1950.22.
• Elsewhere, in China the SHANGHAI closed higher by 0.719 pts or +0.02% at 3212.533 and the HANG SENG ended 77.11 pts lower or -0.4% at 19441.18.
• Across Europe, Germany's DAX trades lower by 21.53 pts or -0.15% at 14424.81, FTSE 100 lower by 17.86 pts or -0.24% at 7550.24, CAC 40 down 16.5 pts or -0.25% at 6680.46 and Euro Stoxx 50 down 8.48 pts or -0.21% at 3948.05.
• Dow Jones mini up 58 pts or +0.17% at 34046, S&P 500 mini up 8.25 pts or +0.21% at 4011.75, NASDAQ mini up 30.5 pts or +0.26% at 11836.5.