STOXX 50 Bulls Retake 4,400 In Both Cash & Futures

The Euro STOXX 50 firms in early Thursday trade, aided by cues from U.S. e-minis post-Fed decision/Meta earnings, while this morning’s deluge of regional earnings reports provided little to hamper the move along with some fresh tailwinds. That leaves VG futures running ~60 points firmer on the day, while the cash equivalent is ~1.3% better off, as both metrics push back above 4,400.

• The IT sector leads while the energy sector lags, as all of the major sectors show higher on the day.
• Despite a brief period below it yesterday, technical support at the 50-day EMA remains intact for now. The average intersects at 4,353.80. Attention is on key resistance and the bull trigger at 4,447.00, the Jul 3 high. A break would confirm a resumption of the uptrend. Key support and the bear trigger has been defined at 4,220.00, the Jul 7 low.